The Obama Administration is already $292 billion in the red this year.
This is more than the national deficit for the entire year of 2006 ($248 billion).
President George W. Bush never did this.
Obama tripled the national deficit his first year in office and he’s off to a record-setting start in fiscal year 2010.
Despite the wars in Iraq and Afghanistan, Hurricane Katrina, the Clinton Recession he inherited, and the 9-11 attacks, President Bush brought down the national budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007.
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On July 11, 2006, the Bush Administration announced they were revising midyear budget estimates. They changed their projections after they discovered that greater than expected tax revenues would drop the deficit below 300 billion dollars. Budget Director Rob Portman drove home the message later that day telling reporters that this latest revision was proof that the administration’s tax cuts were working.
This wasn’t a one time event. 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.
For some strange reason the state-run media ignored these latest deficit numbers this weekend.