President Barack Obama had been on the job less than a week when a top economic adviser told him and Vice President Joe Biden that the country faced a trillion dollar deficit, Biden told a roomful of Florida supporters Saturday.Vice-president Joe Biden - reported by TAMARA LUSH, Associated Press from FORT MYERS, Fla. 09/29/2012
At the height of the Iraq and Afghanistan wars in 2005, the deficit was $318 billion – about a quarter of what it is now. It fell every year until 2007, when it was back down to $161 billion. Then the voters, who’d been fed a steady anti-Bush media diet, decided to give Democrats another turn at bat and handed Congress and its budget-making power over to Nancy Pelosi and Harry Reid. The very next year, the deficit jumped back up to $459 billion. The year after that, Obama became President, and the deficit hit an all-time high of $1.4 trillion. True, Biden can argue that was partly Bush’s fault: he did start the TARP bailouts. But that was a one-time expenditure that’s since been paid back with interest. If there’s a good explanation for why it’s still Bush’s fault that the deficit has remained over $1.2 trillion throughout every year of Obama’s term, well… apparently, that excuse hasn’t dropped into anyone’s lap yet.Mike Huckabee - Facebook post - 10/4/2012
FACTS:
CBO sees 2005 deficit at $317 billion - October 06, 2005 - William L. Watts, MarketWatch, Wall Street Journal
U.S. 2007 Budget Deficit Falls to $163 Billion (Update1) - By John Brinsley, Bloomberg - October 11, 2007
U.S. deficit climbs to $402 billion - By Jeanne Sahadi, CNNMoney.com senior writer - January 7, 2009
U.S. Deficit for 2009 Totals $1.4 Trillion, Budget Office Says - By Brian Faler and Julianna Goldman, Bloomberg - October 8, 2009
Government Spending Chart: United States 2001-2017 - Federal Data
Revenues, Outlays, Deficits, Surpluses, and Debt Held by the Public, 1971 to 2010, in Billions of Dollars - Congressional Budget Office - January 2011
No comments:
Post a Comment