Data released by the nonpartisan Congressional Budget Office (CBO) yesterday doesn't paint a flattering picture of President Obama's fiscal policies, according to a Wall Street Journal editorial.

Under President Obama, the federal debt has increased by about $5 trillion. The Journal notes that "Obama's Presidency will mark the four highest years in spending and deficits as a share of the economy since Harry Truman sat in the Oval Office."

On the spending side, the CBO reports that annual spending over the Obama era has climbed to a projected $3.6 trillion this fiscal year from $2.98 trillion in fiscal 2008, or more than 20%. The government spending burden has averaged 24% of GDP, up from an average of about 20%. Meanwhile, revenues in 2012  will hit $2.52 trillion, down from $2.57 trillion in 2007 because of the sugglish recovery and "a series of non-stimulative tax cuts."

The one bright part of the CBO's report is its projection that the deficit will fall to $269 billion by 2015, or a mere 1.5% of GDP.  But hold the celebration, the Journal advises. That projection is based on fantasy that current law holds (i.e., the Bush tax cuts expire at the end of this year) and that discretionary spending falls by nearly $2 trillion over the next decade.

Click here to read the full article in the Wall Street Journal.