Thursday, October 08, 2009

Obama and Dems deficit tripples, according to CBO

The Congressional Budget Office (CBO), part of congress, has shown that the deficit has more than tripled under Obama. Now remember that it's been the Democrats in office since early 2007.

I'm sure you can do the math, 400 Billion deficit last year under Bush/Dem congress. 1.4 Trillion deficit (at least) under Obama/Dem congress.  That's a factor of 3.5.

And, as Saturday Night Live over the weekend so aptly pointed out, he's accomplished exactly: NOTHING !

Well, except to add 1.4 Trillion dollars to the deficit in ONE YEAR, thus guaranteeing that our children and grandchildren will be screwed, with no easy way to pay it back. McCain called this: Generational Theft, all because of the Democrats and their inability to understand economics.
A direct result of Barack Obama being elected President in 2008 and the Democrats take over of Congress in 2007 is that the U.S. the deficit has grown to a record $1.4 Trillion. From AP:

The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.

The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.

The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama's economic stimulus bill, as well as increases in programs such as unemployment benefits and food stamps.


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