Just so we are clear - Bush raised the debt something to the tune of nearly $5 trillion dollars. Bailing out Fanny and Freddie, and two wars over an eight years period for one, and five years for the other ... and liberals couldn't contain the venom and spit when they mentioned these small details ... Mr. Obama has a deficit of over $1.4 trillion and it is all within the first 8 or so months of his administration. Within a years time, he would spend $3 or 4 trillion, and within two years, nearly $7 trillion. Yet the liberals are all as quiet as church mice.
You want to rack of a trillion on wars, I can justify it - but racking up $7 trillion on spending that hasn't done anything as yet and would not do anything that in large part would not happen even without the stimulus, eventually.
A waste. Lies, hypocrisy and really foolish people believing that this man has a bloody clue.
Record-High Deficit May Dash Big Plans
$1.4 Trillion in Red Ink Means Less to Spend On Obama's Ambitious Jobs, Stimulus Policies
By Lori Montgomery and Neil Irwin
Washington Post Staff Writers
Saturday, October 17, 2009
The federal budget deficit soared to a record $1.4 trillion in the fiscal year that ended in September, a chasm of red ink unequaled in the postwar era that threatens to complicate the most ambitious goals of the Obama administration, including plans for fresh spending to create jobs and spur economic recovery.
Still, the figure represents a significant improvement over the darkest deficit projections, which had been as much as $400 billion higher earlier this year, when the economy was wallowing in recession. Since then, the outlook has brightened and a government bailout has successfully stabilized the nation's troubled financial sector. In a report released Friday, Treasury Department officials said the government had spent $132 billion less than expected in August, due primarily to a drop in anticipated spending on the banking bailout.
At about 10 percent of the overall economy, the gap between federal spending and tax collections is the largest on record since the end of World War II, and bigger in nominal terms than the past four years of deficits combined. Next year is unlikely to be much better, budget analysts say. And Obama's current policies would drive the budget gap into the trillion-dollar range for much of the next decade.
[To read the rest of the article, click on the title link.]
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