"Our deficit is much smaller now than when Obama became President."
Oh, wow. After four years of deficits over a trillion dollars, last year was the first year his deficit was less than Bush's last one.
"In 2008, George W. Bush ran a deficit of $485 billion. By the time the fiscal year started, on Oct. 1, 2008, it had gone up by another $100 billion due to increased recession-related spending and depressed revenues. So it was about $600 billion at the start of the fiscal crisis. That was the real Bush deficit.
But when the fiscal crisis hit, Bush had to pass the Troubled Asset Relief Program (TARP) in the final months of his presidency, which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit -- officially -- up to $1.3 trillion. But not really. The $700 billion was a short-term loan. $500 billion of it has already been repaid.
So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won't be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited."
So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won't be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited.
he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. This $300 billion was, of course, totally qualitatively different from the TARP money in that it was spending, not lending. It would never be paid back. Once it was out the door, it was gone. Other spending and falling revenues due to the recession pushed the final numbers for Obama's 2009 deficit up to $1.4 trillion.
So, effectively, Obama came close to doubling the deficit."
"WASHINGTON (AP) -- A new report released Tuesday says the government's budget deficit is set to fall to $514 billion for the current year, down substantially from last year and the lowest by far since President Barack Obama took office five years ago.
When Bush left office the national debt was $10 trillion of which Bush was responsible for $5 trillion over eight years. The current debt is $17 trillion which means Obama added $7 trillion in FIVE years.
I don't know what math you're using when you make statements like you did above, but it appears to me Obama is making Bush look like a piker. Even though your statement is somewhat correct, looking at the big picture, he managed to increase the debt by $7 trillion in five years and that tells me by using MY math that 7 divided by 5 means it averages out to over a trillion dollars a year over the time he's been in office. (And I thought BUSH was a big spender, ha)