It figures. Barack Obama and Congressional Democrats tripled the national deficit in one year. They will likely top that this year.
Today Nancy Pelosi tried to pin these awful numbers on the GOP.
The Hill reported:
House Democratic leaders said a report by the Congressional Budget Office (CBO) showing a $1.35 trillion deficit in 2010 was the result of policies put in place by President George W. Bush and Republicans in Congress, who controlled the House and Senate until the 2006 elections.
“Today’s CBO report is a clear reminder of the Bush and Republican Congress-era policies that have resulted in the loss of millions of jobs, led to the worst recession since the Great Depression, and turned record surpluses under the Clinton Administration into record deficits,” House Speaker Nancy Pelosi (D-Calif.) said in a statement.
The CBO report also predicted a “muted” economic recovery in the coming years, which Democrats in the House and Senate hope to address through a new spending bill focused on job growth in the coming weeks.
“90 percent of the projected deficit is due to the cost of the Bush economic collapse and Bush policies like his unpaid for tax cuts for the wealthy,” said House Democratic Caucus Chairman John Larson (Conn.), the fourth-ranking member of the House. “The devastating fiscal hole he left us in was far worse than anyone could have imagined.”
For the record, during the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth. These were amazing accomplishments considering the unexpected challenges. You certainly didn’t read much about this in the press.
But, things changed in 2007. Democrats took over Congress, gas prices started to rise, and at the end of the year and into 2008 several financial institutions started to crumble as the housing bubble began to burst. Of course, it should be noted that President Bush publicly called for the reform of Fannie Mae and Freddie Mac 17 times in 2008 alone before Congress acted. Democrats, on the other hand, blocked reform numerous times. It was later reported after the 2008 election that Bush had nothing to do with the financial crisis. Hoover Institution visiting fellow Scott S. Powell wrote in Barron’s in February of 2009 that the present crisis began in the 1970s, during the Carter administration, with passage of the Community Reinvestment Act to stem bank redlining and liberalize lending in order to extend home ownership in lower-income communities. This risk was acknowledged in the Bush administration’s first fiscal-year budget, released in April 2001. Sadly these warnings were ignored by Congress.
Nancy Pelosi is hoping that you will not remember these facts.
She is a shameless liar.
January 26th, 2010 | 12:47 pm | #1
This would actually be funny if it wasn’t so sad.
January 26th, 2010 | 12:50 pm | #2
What exacty is incorrect in this statement:
Today’s CBO report is a clear reminder of the Bush and Republican Congress-era policies that have resulted in the loss of millions of jobs, led to the worst recession since the Great Depression, and turned record surpluses under the Clinton Administration into record deficits.
????
I think the only lie being told is the one people are telling to themselves that our current economic state is not the result of the GWB administration, because it very clearly is. Look at the chart you yourself have posted. The only time there was a surplus was during the Clinton administration. I think it’s also important to distinguish between the Federal Budget and the National Debt, as they are NOT the same thing.
January 26th, 2010 | 12:55 pm | #3
Well, there are people like my Dad who will believe her. The local newspaper has always gotten a lot of its articles from the New York Times. When I emailed him a series of clips quoting Democrats from the time of the debate on the invasion of Iraq, he accused me of digging up a bunch of fakes.
He didn’t listen to the debate over Cspann radio like I did. He didn’t read the Washington Post articles beforehand, or watch the oversight hearings.
People who get their news from the print media that originates with the New York Times are full of an alternate history that has nothing to do with the actual events of the last ten years.
January 26th, 2010 | 12:58 pm | #4
Wasn’t the rain that fell in NYC Monday also the fault of GWB?
January 26th, 2010 | 1:03 pm | #5
Delusional Dhims..
Like Dana Perino said about their delusions….. “I wonder what color the sky is on the planet they come from…”
January 26th, 2010 | 1:04 pm | #6
Wondering–
I suppose you’ve never heard or read that GWB tried, starting his first month in office, to get Congress to get a handle on the coming crisis in the housing lending market, and how the Democrats responded?
January 26th, 2010 | 1:05 pm | #7
Sherrod I am an assh*le Brown also spews this misinformation. I have asked him repeatedly to prove that spending 1.4 trillion dollars is less than 400 billion. I guess that the libtard math is a degenerative brain disorder.
January 26th, 2010 | 1:12 pm | #8
[...] the Republicans. I won’t bore you by quoting her ridiculous rhetoric. Instead, here’s Gateway Pundit’s rebuke. For the record, during the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock [...]
January 26th, 2010 | 1:20 pm | #9
Don’t forget this little nugget that helped this whole thing out as well: http://mypetjawa.mu.nu/archives/200665.php
Silly Dems when are you ever going to learn.
January 26th, 2010 | 1:26 pm | #10
[...] Disgusting. Shameless Liar Pelosi Tries to Pin Obama’s Deficit on Bush & GOP [...]
January 26th, 2010 | 1:27 pm | #11
I sure hope they keep beating this drum. It ranks up their with “my dog ate my homework”.
The issue is that America was told that IF the DEMOCRATS spent us to oblivion the unemployment would not go above 8%.
Everyone seems to have amnesia when it comes to the fact that Barack Obama was a major player in the decision to use Stimulus Money to revive the economy the genesis of this exploding debt.
Those of us who studied Barack Obama prior to the election knew that he would destroy the economy. Those who were OK with that as long as that included a Progressive Utopia were OK with what is going on now. Those who bought the hype are GETTING it and they are mad and you will see in 2010 the results of that.
Unlike Clinton Barack Obama is an Ideologue, he will push his agenda come hell or high water. Unlike Clinton he will drive the Democrats over the cliff.
January 26th, 2010 | 1:39 pm | #12
“What exactly is incorrect in this statement?”
Let’s start with this:
The Myth of the Clinton Surplus
http://www.craigsteiner.us/articles/16
January 26th, 2010 | 1:41 pm | #13
Wondering
Ellie Light, is that you?
January 26th, 2010 | 1:51 pm | #14
As I recall last year at this very time Barry the jugeared dimwit was crying…
HURRY HURRY HURRY SPEND SPEND SPEND THE SKY IS FALLING.
Pelosi, Reid, Opie and Obey got together with ZERO INPUT from the Republican Party and spent 787 BILLLLLLLLLLLLLLLLLLLLLLLLLLION dollars.
The economy got worse, and unemployment went through the roof.
Wondering, are you retarded?
January 26th, 2010 | 1:52 pm | #15
I may be wrong, but I am wondering if we have crossed a subtle tipping point, whereby every single time a prominent Democrat disparages the Bush administration, their party actually loses some overall support, even just slightly with each mention, because it is so utterly lame and embarassingly immature, and is such a glaring shout out of the fact that they have nothing to offer but bleating and whining about how rotten everything is.
Oh, yeah, and apparently this is their planned strategy for 2010.
Thank God the Best and the Brightest are in charge.
January 26th, 2010 | 1:59 pm | #16
++
Bush, Obama, or a little green martians fault..
exactly what does it CHANGE
about the facts of the matter??
==
January 26th, 2010 | 2:03 pm | #17
Doesn’t matter what Pelosi says. Only brain-dead zombies are going to buy into anything she utters.One party rule ( read: Democrat ) has undermined the country and taken us to the brink. They, the Democrats, completely own this mess, in that instead of belt-tightening fiscal responsibility, they chose to conduct a raid on our children’s and their children’s financial futures. If Pelosi and her ilk had a sense of shame they would be mortified at what they have done. Obviously it isn’t a problem for her or them. They got theirs and the hell with everyone else. No no, Nancy, November’s coming and it ain’t gonna be pretty for your party. Anticipation is a large part of joy.
January 26th, 2010 | 2:11 pm | #18
There’s that Mayan Math again.
January 26th, 2010 | 2:20 pm | #19
The numbers do not lie. First of all, there is a difference between the Federal Budget and the National Debt. These are not the same thing. If you look at this:
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm
You can see that from Sept 2000 to Sept 2008 the National Debt went from 5 Trillion to 10 Trillion. This was all under the GWB administration and ITS spending. The National Debt is now up to 12 Trillion, so if you want to place blame, blame GWB for doubling the debt from 5 to 10 trillion, and blame Obama for adding an additional 2 trillion to it. Here is a chart that shows trends over a greater period of time: http://zfacts.com/p/318.html
So who are the big spenders who get us MORE debt? It appears to be the republicans.
And lastly: http://www.kowaldesign.com/budget/
It’s not delusion. The facts, the numbers, are clearly there for anyone who wants to review them.
Instead of playing the blame game, why don’t we all consider the last question posed in that last link: How would you balance the Federal Budget and reduce the National Debt?
Republicans needs to stop acting like the 8 years of the GWB administration wasn’t a complete and utter failure for the Republican party.
January 26th, 2010 | 2:24 pm | #20
++
Valerie @ 1:04 pm #6
just a sample..
Timeline shows Bush, McCain warning Dems
of financial and housing crisis; meltdown
Fannie Mae CEO calling Obama and the Dems
the “Family” and “Conscience” of Fannie Mae
Burning Down The House:
Billion-Dollar Scandal Not Ready for Prime Time
[Sadly, this perception of political correctness is out of touch with reality. According to a September 2003 report by a GSE watchdog group, Fannie Mae Policy Focus, Fannie lags far behind the market in facilitating housing for minority and first-time buyers. As a matter of fact, the GSEs buy less than 10 percent of private sector loans to first-time African-American and Hispanic purchasers. Moreover, Fannie and Freddie acquired “more loans made to absentee landlords, vacation homes, and second mortgages than first-time homebuyer loans,” according to the report.
It appears that very little of the implicit taxpayer subsidy to the GSEs is fulfilling that politically correct dream. This failure, compounded by an accounting scandal, should be red meat for story-driven TV journalists.
As the analysis proves, that hasn’t been the case.]
==
January 26th, 2010 | 2:28 pm | #21
[...] Gateway Pundit – Disgusting… Shameless Liar Pelosi Tries to Pin Obama’s Deficit on Bush & GOP [...]
January 26th, 2010 | 2:31 pm | #22
it is time for the Rssss to openly laugh at them (the lying P-BB-bho-BF-et.al)and call them LIARS which is what Wilson did…
C-CS
January 26th, 2010 | 2:39 pm | #23
It is so pathetic to have these liberal schmucks lecturing about economics. They have invented all the programs that are currently bankrupting us: Social Security, Medicare, War on Poverty, Minimum wages, Community Reinvest Act (or the Put people in houses they can’t afford act).
Now they are ready to nail the coffin shut with Cap and trade, Green energy, another ’stimulus’ package, and Healthcare ‘reform’. How about this saved or created jobs nonsense? Government overreach is the root of all our problems. The government can’t solve these problems, cause their only answer is to make government even bigger and more expensive.
January 26th, 2010 | 2:39 pm | #24
CBO: Stimulus Plan On Target To Increase Deficits
http://legalinsurrection.blogspot.com/2010/01/cbo-stimulus-plan-on-target-to-increase.html
January 26th, 2010 | 2:41 pm | #25
As a conservative, I am frustrated at the things that occurred under GWB’s watch which contributed greatly to today’s economic predicament (which no one on the right seems to want to acknowledge–FanFred are but drops in the bucket):
How is it that Goldman Sachs managed to get paid 100 cents on the dollar for derivative bets from the foundering AIG? And why, in the first place, was GS short-selling it’s own fraud-riddled deriviative securities it was packaging for sale as AAA-rated paper to credulous investors?
GS had W in it’s pocket. Looks like Obama is there as well.
January 26th, 2010 | 2:43 pm | #26
AND, the Obama administration did not triple or double the national debt. If you bother to look into this information yourself, you’ll see the GWB administration doubled it from 5 to 10 trillion, and now it it’s at 12 trillion, so it’s up 20%, not 300%.
And if you want to know more about the housing crisis, here is a very easy to understand explanation:
http://www.stock-market-investors.com/stock-investment-risk/the-subprime-mortgage-crisis-explained.html
January 26th, 2010 | 2:43 pm | #27
Hello people. Yes, Obama passed a large stimulus package. But other substantial spending is mere continuation of Bush policies, such as spending on Iraq/Afghanistan. Also the revenue side of the fiscal picture is entirely based on Bush policy. Income tax cuts and the temporary elimination of the estate tax are a much larger component of the federal govt deficit, than Obama’s spending is.
January 26th, 2010 | 2:48 pm | #28
What is going on? Has another stimulus money injection to liberal trolls been made? The place is overrun with ‘em. Go back to your caves.
January 26th, 2010 | 2:51 pm | #29
If I remember correctly, it was right about the time that pelosi became speaker that the bottom began to fall out.
January 26th, 2010 | 2:52 pm | #30
Hey… you know where ALL spending bills originate? The House… and that means Nancy Pelosi(D)
January 26th, 2010 | 2:54 pm | #31
Public education on economics. Ignorance on parade.
Me keeping my money does not cause deficits, spending more than you have does. All the stimulus’ did was accellerate the plummet. Obummer voted for the first on under GW as a senator. I said it was wrong under GW and even more wrong under Obummer. (cuz it is bigger). Large government is the problem.
January 26th, 2010 | 3:00 pm | #32
Chisum-
Please look at the graphs and try to comprehend when I say for the third time that the National Debt and the Federal Budget are NOT the same thing. The Federal Budget had a surplus for 4 years while Clinton was in office and the National Debt was at 4 trillion.
You guys can call me names and make fun of me all you want, but it is you all Gateway Pundit that are lying and spreading misinformation. Talking about those who should feel shameful. Take a look at the charts, and it’s clear who the irresponsible spenders are.
January 26th, 2010 | 3:06 pm | #33
truth are you ellie, or axlerod?
January 26th, 2010 | 3:07 pm | #34
Hey Spider-man, why don’t you try educating yourself on factual knowledge instead of spewing hateful sentiments?
Why do liberals mock conservatives? This is why. You conservatives can have the facts placed right in front of your face and will continue to deny them and go on with your false accusations.
There are reasons to dislike certain political modalities, and not everyone is going to agree, but to belittle anyone who doesn’t go along with you own political agenda is immature and counterproductive.
January 26th, 2010 | 3:12 pm | #35
And not one of you can discount what I have posted here, and why? Because it is FACTUAL.
I’m just an educated woman who believes in what is just and right and good for all. Perhaps if more people knew the truth, they wouldn’t be so quick to judge and just follow along with whatever Jim Hoft and Dana Loesch say.
I spend most of my days trying to make the world a better place. What are you all doing?
January 26th, 2010 | 3:13 pm | #36
Truth I have factual knowledge a$$hole. Congress writes the budgets, the president signs them. The government is spending way more money than they are bringing in, i.e. unsustainable deficits. I don’t care who is at fault, somebody has to stop this foolishness.
Stop bellitling me you utter moron.
January 26th, 2010 | 3:14 pm | #37
Wondering
January 26th, 2010 | 12:50 pm | #2
Another hapless obot – slurping down all the kool-aid it can.
btw. I believe you meant, “there’s a difference between the deficit and the national debt.”
January 26th, 2010 | 3:16 pm | #38
When the Democrats took control of Congress in January 2007, they quickly proceeded to triple the deficit. The Republican Congress had worked the deficit down to about $160 billion in FY2007 (which began in Oct. 2006). The Democrats increased the deficit to about $480 billion for FY2008. Then, with a Democratic President, they tripled it again to $1.4 trillion in FY2009. In other words, in just two years, Democrats inceased the deficit by an order of magnitude.
In assessing responsibility for budget deficits, we should look to Congress, more than the President. The old saying is “The President proposes, Congress disposes.”
That puts the surpluses of the Clinton years in better perspective.
Mike Lion
January 26th, 2010 | 3:16 pm | #39
More nails for more of our coffins. This spending freeze proposal is a massive mis-direction play. Again, the government should worry about our security, and keeping the bridges safe, please butt out of the micro-economy. I don’t even want to debate whether its right or wrong, but what it will accomplish is to send us into a deep depression. Are there people that want this to happen?
January 26th, 2010 | 3:27 pm | #40
The republicans’ slogan or saying should be that after over 3 years in power, the dem party is still blaming things on someone else and are incapable or correcting the problems….it is time for someone else to be elected.
January 26th, 2010 | 3:27 pm | #41
iS THE PORKULUS BILL A FACT LIBTARD?
Is the 787 BILLLLLLLLLLLLLLLION LIBTARD BILL A FACT LIBTARD?
January 26th, 2010 | 3:30 pm | #42
One year ago. LIBTARDS SPENT 787 BILLLLLLLLLLLLLLLLLLLLLLLION DOLLARS and we got DOUBLE DIGIT INFLATION and FT HOOD and PANTY BOMBERS
What are LIBTARDS supposed to be good at?
Spending other peoples money.
January 26th, 2010 | 3:36 pm | #43
Apparently “Wondering” and “The Truth is Out There” are the same hapless Obot troll.
January 26th, 2010 | 3:36 pm | #44
The Truth is Out There..
January 26th, 2010 | 3:12 pm | #34
And not one of you can discount what I have posted here, and why? Because it is FACTUAL.
**On what planet is your garbage “factual”? You seem to have a problem with the difference between the deficit, national debt and budget. Perhaps, ellie, if you’d get your head out of the democRATS’ butt, you might find out what is factual.
I spend most of my days trying to make the world a better place. What are you all doing?
**Wanna make the world a better place? Go spew at dkos or huffpo. They’ll believe you.
Hell! They’ll love you!
January 26th, 2010 | 3:38 pm | #45
Well, “Truth” you asked “I spend most of my days trying to make the world a better place. What are you all doing?”
When I’m not working to protect natural resources (my day job), I do volunteer work with Habitat for Humanity, work in soup kitchens, shelters, and nursing homes, have gone on clean-up and rebuild missions to tornado and flood destroyed communities, did recovery work after Katrina, and continue to do various other similar activities. I also contribute >10% of my income to combat heart disease, cancer, diabetes, and to support organizations that provide for children (e.g., Holt International).
And I say that if the Bush Republicans deserved to be thrown out for their excesses, Obama and the Democrats deserve to be thrown out for taking excess to a whole new level.
January 26th, 2010 | 3:46 pm | #46
B.O. = Jimmay Cahtah . . . end of story.
January 26th, 2010 | 4:14 pm | #47
++
J @ 2:43 pm #27
re: [spending on Iraq/Afghanistan]
Iraq, Afghanistan, and the U.S. Economy
[Total military spending (including spending on support and operations inside Iraq and Afghanistan, as well as operations tied to the “Global War on Terrorism,” all of which are budgeted separately from the U.S. defense budget) remains relatively modest compared to historical levels. During World War II, defense spending rose to levels as high as 37.8 percent of U.S. gross domestic product (GDP). Even including war-spending supplements and terror-war expenditures on top of the normal defense budget, today that number comes to about 6.2 percent of GDP. While experts say the total costs of the wars should thus be kept in perspective, they also point to collateral economic consequences beyond direct expenditures.]
bottom line.. freedom is not free & war is not cheap, but definitive monetary costs aren’t exactly set in cement yet, not to mention weighed against the task at hand.. “live free or die” comes to mind, no bankroll needed if your dead..
==
January 26th, 2010 | 4:22 pm | #48
++
The Truth is Out There..
aka: deja vu
how many times must you be reminded
that OPINIONS FACTS DO NOT MAKE??
==
January 26th, 2010 | 5:40 pm | #49
DKN – I think you are probably an underappreciated person.
I didn’t post opinions. I posted charts and graphs that show the history of spending in this country. I find it sincerely offense that many of you all cannot have a conversation without name calling. I am simply asking that you familiarize yourselves with the facts of spending and debt in this country as they have occurred over time and use that to formulate your opinion.
So, about the Federal Budget, from Wikipedia:
During FY 2008, the federal government spent nearly $2.98 trillion on a budget or cash basis. Primary expenditure categories (shown in the pie chart in the introduction above) include: Medicare & Medicaid ($682B or 23%), Defense ($613B or 21%) and Social Security ($612B or 21%). Expenditures are classified as mandatory, with payments required by specific laws, or discretionary, with payment amounts renewed annually as part of the budget process.[7]
Over the past 40 years, mandatory spending for programs such as Medicare and Social Security have grown as a share of the budget, while defense and other discretionary categories have declined. Between 1966 and 2006, Medicare and Social Security grew from 16% of the budget to 40%. Defense declined from 43% to 20% of the budget during that period.[8]
However, certain spending for the Iraq and Afghanistan wars, supplemental expenditures such as stimulus bills, and earmarks may not be fully reflected in the budget, as discussed in the debate section below.
and:
Social Security and Medicare expenditures are funded by permanent appropriations, and so are considered “mandatory” spending according to the 1997 Budget Enforcement Act (BEA). Social Security and Medicare are sometimes called “entitlements,” because people meeting relevant eligibility requirements are legally entitled to benefits. Some programs, such as Food Stamps, are appropriated entitlements. Mandatory spending, according to CBO, equaled 11.2% of GDP in FY2008. Some mandatory spending, such as Congressional salaries, is not part of any entitlement program. Funds to make federal interest payments have been automatically appropriated since 1847. Mandatory spending accounted for 53% of total federal outlays in FY2008, with net interest payments accounting for an additional 8.5%.[9]
Discretionary outlays, which rely on annual appropriations for funding, accounted for 38.0% of total federal outlays in FY2008. Over the past four decades, the proportion of federal outlays spent on mandatory programs has increased on average. Mandatory spending in FY2009 has increased sharply due to extraordinary actions taken in response to severe turmoil in financial markets and an economic recession that began in late 2008.
According to CBO projections (The Long-Term Outlook, Alternative Fiscal Scenario), spending on Social Security is projected to reach 6.1% of GDP and Medicare and Medicaid are projected to total 12.5% of GDP in FY2050. By comparison, federal outlays in FY2007 were 20% of GDP and federal revenues were 18.8% of GDP. In other words, spending on those three programs is projected to take up nearly the same proportion of the economy in FY2050 as all federal revenues in FY2007. Unless these long-term fiscal imbalances are addressed by raising taxes or drastic cuts in discretionary programs, the federal government will at some point be unable to pay its obligations.[10]
and:
The annual budget deficit is the difference between actual cash collections and outlays during a given fiscal year, which runs from October 1 to September 30. The U.S. Federal Government collected $2.52 trillion in FY2008, while spending $2.98 trillion, generating a total deficit of $455 billion, which was added to the United States public debt. Since 1970, the U.S. Federal Government has run deficits for all but four years (1998-2001)[36] contributing to a total debt of $10.6 trillion as of January 2009.[37]
The national debt represents the outstanding obligations of the government at any given time, comprising both public and intra-governmental debt, which was $12.3 trillion as of January 18, 2010.[38] Differences between the annual deficit and annual change in the national debt include the treatment of the surplus Social Security payroll tax revenues (which increase the debt but not the deficit), supplemental appropriations for the Iraq and Afghanistan wars, and earmarks.
These differences can make it more challenging to determine how much the government actually spends relative to tax revenues. The increase in the national debt during a given year is a helpful measure to determine this amount. From FY 2003-2007, the national debt increased approximately $550 billion per year on average. For the first time in FY 2008, the U.S. added $1 trillion to the national debt.[39] In relative terms, from 2003-2007 the government spent roughly $1.20 for each $1.00 it collected in taxes. This increased to $1.40 in FY2008 and $1.90 in FY2009.
2001 vs. 2012
Causes for Changes in CBO ForecastsThe U.S. budget situation has deteriorated significantly since 2001, when the Congressional Budget Office (CBO) forecast average annual surpluses of approximately $850 billion from 2009-2012. The average deficit forecast in each of those years is now approximately $1,215 billion. The New York Times analyzed this roughly $2 trillion “swing,” separating the causes into four major categories along with their share:
Recessions or the business cycle (37%);
Policies enacted by President Bush (33%);
Policies enacted by President Bush and supported or extended by President Obama (20%); and
New policies from President Obama (10%).
CBO data is based only on current law, so policy proposals that have yet to be made law are not included in their analysis. The article concluded that President Obama’s decisions accounted for only a “sliver” of the deterioration, but that he “…does not have a realistic plan for reducing the deficit…”[42]
[edit] 2008 vs. 2009
The CBO reported in October 2009 reasons for the difference between the 2008 and 2009 deficits, which were approximately $460 billion and $1,410 billion, respectively. Key categories of changes included: tax receipt declines of $320 billion due to the effects of the recession and another $100 billion due to tax cuts in the stimulus bill (the American Recovery and Reinvestment Act or ARRA); $245 billion for the Troubled Asset Relief Program (TARP) and other bailout efforts; $100 billion in additional spending for ARRA; and another $185 billion due to increases in primary budget categories such as Medicare, Medicaid, unemployment insurance, Social Security, and Defense. This was the highest budget deficit relative to GDP (9.9%) since 1945.[43] The national debt increased by $1.9 trillion during FY2009, versus the $1.0 trillion increase during 2008.[44]
As discussed further below, the Medicare Part A (Hospital Insurance) program began to run a deficit in FY 2007 and Social Security follows thereafter in 2017. Both programs are funded by dedicated payroll taxes that do not cover payouts and run increasing deficits for the foreseeable future, placing significant pressure on the budget
And here is the main link I took all this from:
http://en.wikipedia.org/wiki/United_States_federal_budget
At no point did I call anyone names or even specifically defend Obama or democrats in general. I am just saying that the GWB administration DID IN FACT play a significant role in the economic problems we are facing today. If you have unbaised information you can post that shows different, then by all means, I’d love to read it. But insulting me and calling me names and referring to me as “Ellie”, which I HAVE to assume is something the media has come up with because I really don’t even know what it is about, is just ridiculous.
January 26th, 2010 | 5:51 pm | #50
++
The Truth is Out There.. @ 5:40 pm #49
[I am just saying that the GWB administration DID IN FACT play
a significant role in the economic problems we are facing today.]
no, not really.. more like he just happened to be president at the time the Dems put the economy in a box, & now Obama’s hammering in the nails, something AQ couldn’t even do.. *sigh*
==
January 26th, 2010 | 5:55 pm | #51
++
re: bg @ 5:51 pm #50
albeit mostly Dems, Reps were also
responsible.. GWB, not so much..
==
January 26th, 2010 | 6:01 pm | #52
++
oh yeah, aside from the Dems FM&FM
debacle (bg @ #20), remember this??
(btw.. re: Wikipedai)
==
January 26th, 2010 | 6:02 pm | #53
++
repeat bg @ #16
[Bush, Obama, or a little green martians fault..
exactly what does it CHANGE
about the facts of the matter??]
assigning blame CHANGES what exactly??
==
January 26th, 2010 | 7:41 pm | #54
Obama Wants Spending Freeze He Once Opposed…
What a difference a campaign makes. Back when Obama was a candidate he opposed the idea of a spending freeze. In the presidential debates John McCain said he would consider a spending freeze for the government except for veteran’s programs, natio…
January 26th, 2010 | 7:44 pm | #55
Obama may well push us off the cliff. But it is foolish to think that W. didn’t drive us right up to the edge and leave us standing there.
It looks as though we may finally get some answers, under oath, from the Banksters and Wall Street hucksters who have robbed us of our hard earned tax dollars. Mind you, this lack of oversite happened on W’s watch!
http://online.wsj.com/article_email/SB10001424052748704762904575025973825013234-lMyQjAxMTAwMDIwNjEyNDYyWj.html
January 26th, 2010 | 7:57 pm | #56
++
Biiker @ 7:44 pm #55
[Panel Republicans, in a memo prepared for the hearing and distributed Monday, said Mr. Geithner "needs to explain his role" in the November 2008 negotiations between the government and AIG to help stabilize the insurer by paying off its counterparties at 100 cents on the dollar.]
by all means, bring it on!!
==
January 26th, 2010 | 8:28 pm | #57
“Truth” @ 5:40 # 49
Thanks for the appreciation, but what I do is not all that unusal for a Conservative; a book has been written about it in fact.
You did not answer my point though: Obama’s deficits dwarf Bush’s, and the CBO estimates that under Obama’s agenda the national debt will exceed 80% of GDP by 2019. Clearly, this is unsustainable. So, if the Bush Republicans deserve condemnation and electoral defeat for their excess, don’t the Obama Democrats deserve the same condemnation and defeat?
January 26th, 2010 | 9:01 pm | #58
Truth @19:
“You can see that from Sept 2000 to Sept 2008 the National Debt went from 5 Trillion to 10 Trillion. This was all under the GWB administration and ITS spending. The National Debt is now up to 12 Trillion, so if you want to place blame, blame GWB for doubling the debt from 5 to 10 trillion, and blame Obama for adding an additional 2 trillion to it.”
OK, a high school math question. Given a 20% increase in one year, what’s the increase in 8 years at at the same rate? This is the correct comparison, not one year vs. eight years comparison. Hint – it’s way more than a doubling.
This is the same kind of math that claims the proposed health care bill will reduce the deficit.
January 26th, 2010 | 9:39 pm | #59
[...] reading this story HERESIMILAR NEWS FACTOR [...]
January 26th, 2010 | 11:46 pm | #60
Basic civics for Speaker of the House, Nancy Pelosi. Nancy – Congress makes the laws around the budgetary process. In fact, the pResident suggests but Congress makes the laws that fund the country. In fact it goes to the House first. Aren’t you the head of that particular branch? Yeah, for now.
The cupidity is breath taking.
If Congress wants deficits, then there are deficits. If they want to balance the budget, then Congress is responsible.
Get it yet, Pelosi?
January 27th, 2010 | 1:23 am | #61
[...] This post was mentioned on Twitter by Vince Humphreys, Frank Kastle, Contemplari, SirJaxx, SirJaxx and others. SirJaxx said: Pelosi: A Shameless Liar!!! http://bit.ly/aJbUDX Graph: http://gatewaypundit.firstthings.com/wp-content/uploads/2010/01/obama_deficit24.bmp [...]
January 27th, 2010 | 8:16 am | #62
[...] the meantime Gateway Pundit has the best discussion [actually, no need to discuss, just state] statement copied here in full as [...]
January 27th, 2010 | 12:07 pm | #63
DKN-
Yes, I agree with you. However, Jim Hoft was calling Nancy Pelosi a “shameless lair” for the statement she made. Was she sensationalizing a bit, sure. But shamlessly lying? I think not.
To me, this is the most important bit from that Wikipedia article:
Causes for Changes in CBO Forecasts The U.S. budget situation has deteriorated significantly since 2001, when the Congressional Budget Office (CBO) forecast average annual surpluses of approximately $850 billion from 2009-2012. The average deficit forecast in each of those years is now approximately $1,215 billion. The New York Times analyzed this roughly $2 trillion “swing,” separating the causes into four major categories along with their share:
Recessions or the business cycle (37%);
Policies enacted by President Bush (33%);
Policies enacted by President Bush and supported or extended by President Obama (20%); and
New policies from President Obama (10%).
That’s the New York Times analysis, not mine. I also think it’s obviously easier to talk about and evaluate what has already happened instead of assessing for what may happen. I am not a blind follower of anything in any way. I am still hopeful that Obama and his administration can and will bring about positive change. I may end up being disappointed, but I don’t think anything justifies the hatred that is being expressed. It’s been a year. It’s hard to really say yet what the next three will bring.
And regarding your other point:
I, however, do not see many conservatives being as actively charitable as yourself. I don’t know many who do all the volunteering and donating you do. It seems the general consensus of conservatives are that they are against social programs and, in general, seem to feel that poor people are poor because they are lazy and chose to be that way.
January 27th, 2010 | 12:13 pm | #64
[...] Pundit: more blaming Koop: Last Knife in Obamacare? Comments [...]
January 27th, 2010 | 5:16 pm | #65
[...] not only shows that Obama tripled the US national deficit in one year but that Bush was able to bring down the national deficit from $412 billion in 2004 to $162 billion in 2007 thanks to his tax cuts that [...]
January 27th, 2010 | 6:17 pm | #66
[...] not only shows that Obama tripled the US national deficit in one year but that Bush was able to bring down the national deficit from $412 billion in 2004 to $162 billion in 2007 thanks to his tax cuts that [...]
February 3rd, 2010 | 1:54 am | #67
[...] One Day After Obama Promises to Curb Spending – Dems Pass Largest Debt Increase in US History Disgusting… Shameless Liar Pelosi Tries to Pin Obama’s Deficit on Bush & GOP Senate Puts Politics Over Fiscal Responsibility In Debt Limit Vote Obama’s budget in pictures [...]
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