The deficit for fiscal year 2009 ““ which began more than three months before President Obama’s inauguration ““ was $1.4 trillion and, at 10 percent of Gross Domestic Product (GDP), the largest deficit relative to the economy since the end of World War II. – Center on Budget and Policy Priorities
IT NEVER was Barack Obama’s fault. The deficit and huge mounting financial crisis didn’t happen on his watch. Obamacare didn’t cause it. You can argue President Obama’s been too conservative handling it, but it’s counter factual to blame the current fiscal disaster on Barack Obama.
It was George W. Bush who also blew through the whopping surplus Bill Clinton left for him.
Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade ““ that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain most of the deficit over the next ten years ““ according to this update of our analysis, which is based on the Congressional Budget Office’s most recent ten-year budget projections (from August) and congressional action since we released the previous version of this analysis in May 2011. (For a fuller discussion, see the technical note that begins on p. 6.) – Downturn and Legacy of Bush Policies Drive Large Current Deficits — Economic Recovery Measures, Financial Rescues Have Only Temporary Impact
The tax cut legacy of Bush and the Republicans at a time of two wars and a careening economy remains the most damaging national security legacy the Republican have ever left in their wake.