Bush's last budget (FY2009): $1.37T deficit... Obama's first budget (FY2010): $1.26T deficit

[scheming daemons]

http://www.bloomberg.com/news/2010-09-13/budget-deficit-in-u-s-narrows-13-to-90-5-billion-on-rising-tax-receipts.html

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The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.
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The non-partisan CBO forecasts the budget deficit will amount to 9.1 percent of gross domestic product this year, only exceeded in the past 65 years by 2009’s 9.9 percent.
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Last month, the Treasury lowered its estimate for government borrowing from July through September, reflecting a reduction in federal spending.
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Yes... Obama's first deficit is the second-largest on record.... but Bush's last one was the largest. Obama also inherited an economy on the ropes, and that $1.4T deficit. Bush inherited a booming economy and a $250 billion surplus.


Just like the pattern since the 70s... Democratic President inherits a large deficit... Democratic President begins to reduce that deficit...Republican President increases the deficit again... Democratic President inherits that and turns it into a surplus... Republican President screws that up again... Democratic President comes in and begins getting the fiscal house in order again.

You'd hope the American people would finally start to wise up: GOP Presidents blow the budget out of the water, and Democratic Presidents clean up the mess.

Time and time again.

[doc03]

1. The MSM will not report that story... n/t

[kentuck]

2. And if the Bush taxcuts expire??

Think of how low it would be next year?

[scheming daemons]

3. If the tax cuts for the wealthy go away.. that equals $70 billion per year

[kentuck]

5. This is really a big story that needs to be made public....

That is what the Tea Party has been whining about. It would so disrupt their fairy tale once they find Obama's first official budget is lower than Bush's last budget, even after the stimulus.

[Yupster]

9. $ 800 billion of that $ 1.3 trillion was the TARP

and the Tea Partiers aren't going to defend Bush on that. They hated that, as much or worse than anything Obama has done.

You aren't going to convince the tea partiers by comparing to Bush. They hated Bush too.

Part of that TARP money by the way has now been paid back to the government, a pretty large part I think.

[spanone]

4. shhhh, the msm has reported the republicans are going to trounce the democrats

that doesn't play into the story :evilgrin:

[Marie Marie]

6. Question here:

Does anybody out there know if the Bush deficit figures even include the cost of the Iraq war, which he notoriously kept "off the books"? If not, then the difference is even more amazing.

[kentuck]

7. I doubt it...

But I guess they are including the $700 billion borrowed for TARP. But to be fair, half of that was passed on to the Obama Administration and counted in Bush's last deficit.

[Scurrilous]

8. K & R

:thumbsup: