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October 5, 2010
Graph for the Day for October 5, 2010
"I realize that we're facing an untenable fiscal situation. There was a $1.3 trillion deficit staring at me when I took office, and although the economic crisis and the steps we took to stop the freefall temporarily added to our fiscal challenges, it's clear that we're going to have to get serious about the deficit." President Obama, Oct. 4, 2010.
"Between 2011 and 2018, Obama would spend $4.9 trillion more than Bush had planned to. Keep in mind that all this extra spending is after the economic stimulus has been almost entirely exhausted. In other words, if Obama had simply kept Bush's spending policies in place, federal deficits over the next eight years would be 60 percent lower. In 2018, we'd have a deficit of just $188 billion, instead of the projected $996 billion under Obama's budget."
John Merline at AOL News, citing the CBO as his source.
Source: John Merline at AOL News, citing the CBO as the source.
Hoven's Index for October 5, 2010
Average deficit under President Bush (2001-2008): $251 billion
Largest deficit under Bush (2008): $459 billion
Deficit in last fiscal year of GOP majority Congress (2007): $161 billion
Deficits under President Obama and his proposals:
Average annual deficit, 2009 through 2020: $1.056 trillion
Smallest expected annual deficit: $724 billion (in 2014)
Expected deficit in 2020: $1.254 trillion
Graph of the Day Archive.