2010 Obama Spending

By ConcernedConservative on February 16, 2010

President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. Given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly plausible.

Some may argue that George W. Bush is responsible for Barack Obama’s deficits, that Mr. Bush forced the hand of this administration by leaving office in the midst of a sharp recession.

This argument is absolutely incorrect. At some point the Obama administration has to take responsibility for itself.

Consider that from Jan. 20, 2001, to Jan. 20, 2009, the debt held by the public grew $3 trillion under President Bush—to $6.3 trillion from $3.3 trillion at a time when the national economy grew as well.

By comparison, from the day President Obama took office last year to the end of the current fiscal year, according to the Office of Management and Budget, the debt held by the public will grow by $3.3 trillion. In 20 months, Obama will add as much debt as Bush ran up in eight years.

Obama’s spending plan approved by Congress last February calls for doubling the national debt in five years and nearly tripling it in 10.

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