(WASHINGTON DC) President Barack Obama and Congressional Democrats today surpassed the eight-year federal deficit total of the Bush Administration in just a little more than one month after taking control of all three branches of the federal government.
Anybody who voted against Republicans over being mad at the deficit will want a redo when they see this" says House Republican Conference Secretary John Carter (R-TX31). Voting Democrat to straighten out the federal deficit is the same as hiring Foster Brooks to inventory the liquor store."
We are now on a course straight for national bankruptcy and a catastrophic devaluation of the U.S. dollar unless we can stop this" says Carter. We must convince the Administration to listen to alternative economic advice and turn the wheel immediately to avert disaster. This kind of red ink will keep us in recession if not depression for the next twenty years if we let it stand."
The Obama Administration Budget released today contains a total $2.867 trillion in red ink just 38 days after Obamas inauguration on January 20.
In contrast the Bush Administration ran up a $2.7519 trillion deficit over an 8-year period that included 7 years of war in Iraq and Afghanistan; the economic downturn after 9-11; the addition of a prescription drug benefit to Medicare; a massive increase in federal education spending under No Child Left Behind; and the current recession and 2008 Wall Street bailout.
Bush Surplus/Deficit Fiscal Years 2001-2008 (billions of dollars)
Congressional Budget Office (CBO) Statistics
2001 128.2
2002 -157.8
2003 -377.6
2004 -412.7
2005 -318.3
2006 -248.2
2007 -160.7
2008 -454.8
TARP -750.0
Total -2751.9
Obama Budget Deficit FY 2009/10*
Office of Management and Budget (OMB) Statistics
2010 -1750
2011 -1117
Total -2867
*The Obama deficit total does NOT include the impact of the $787 billion Stimulus package approved by House Democrats in February. It also excludes any effect of an Obama contingency request for an additional $750 billion to use for bank rescue. If the contingency amount is included the total deficit for FY 2009/10 is $3.617 trillion
