ihopehefails
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- Oct 3, 2009
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- #41
The deficit under the Bush administration was already bad enough but the minute the democrats take full control of the federal government they passed the point of no return with the deficit, tarp, and stim bill. How easy it would have been for them to cut the deficit at 400 billion vs 1.5 trillion. Now I fear that the deficit and accumulating debt is so large that the only solution is bankruptcy of our federal government because I really don't see any way out of this because the alternative to the democrats haven't proven they can balance a budget either.
Can anyone here tell me of any politician either democrat or republican that is seriosly talking balancing the budget this year?
Current debt is $11.9 trillion, up from $11.1 trillion when Obama took office
Bush raised the deficit from $5.5 trillion to $11 trillion
Nice try though
Deficit is not the same as debt so comparing the two is like apples and oranges. Debt is the amount of money owed that accumulated because of a deficit which is caused by insufficient funding for expenditure for the current budget year. After a few years of deficit spending you accumulate debt because you have to borrow money to make up for the deficit which adds to the debt.
Under the current deficit Obama will out do Bush in a few years.