The Story On Obama's Deficits And 3 Trillion Budget

Here's the real story on Obama's unprecedented 3 trillion dollar deficit and where it all came from.

I got the Dick Morris version which I subscribe to and the LA TIMES version which you'll see is the "Obama Friendly" version without a doubt. (in other words twisted truths or as most refer to them as.....LIES) These are the numbers he cited almost verbatim in his appearance on Hannity's show Monday night, of which there's no video that I can locate if you missed it. :(

DickMorris.com: "President Obama was disingenuous today when he said that the budget deficit he faced “when I walked in the door” of the White House was $1.3 trillion. He went on to say that he only increased it to $1.4 trillion in 2009 and was raising it to $1.6 trillion in 2010.

As Joe Wilson said “you lie.”

Here are the facts: 

In 2008, Bush ran a deficit of $485 billion. By the time the fiscal year started on October 1, 2008, it had gone up by another $100 billion due to increased recession-related spending and depressed revenues. So it was $600 billion. That was the real Bush deficit.

But when the fiscal crisis hit, Bush had to pass TARP in the final months of his presidency which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit — officially — up to $1.3 trillion. But not really. The $700 billion was a short term loan. $500 billion of it has already been repaid. continued in new window

The liberal LA TIMES version here.......

How does Obama's 2011 projected deficit compare?

latimes.com: "Reporting from Washington - The White House has proposed a $3.8-trillion budget for the fiscal year 2011, which begins Oct. 1. What is the projected deficit, and how does that compare with past years?

The deficit is estimated at $1.27 trillion in 2011 -- down from a record $1.56 trillion in the current year. The deficit -- the gap between budget outlays and tax receipts -- was $1.41 trillion in 2009, more than triple the previous high of $458.6 billion in 2008. Except for four years (1998, 1999, 2000 and 2001), the federal government has run a deficit consistently since 1970." read more

---