Center on Budget and Policy Priorities: President Obama Largely Inherited Today’s Huge Deficits
Dec 16, 03:58 PM CST
“Some critics charge that the new policies pursued by President Obama and the 111th Congress generated the huge federal budget deficits that the nation now faces. In fact, the tax cuts enacted under President George W. Bush, the wars in Afghanistan and Iraq, and the economic downturn together explain virtually the entire deficit over the next ten years (see Figure 1).
The deficit for fiscal 2009 was $1.4 trillion and, at an estimated 10 percent of Gross Domestic Product (GDP), was the largest deficit relative to the size of the economy since the end of World War II. Under current policies, deficits will likely exceed $1 trillion in 2010 and 2011 and remain near that figure thereafter.”
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President Obama Largely Inherited Today’s Huge Deficits
– by Lisa Olivares | Send this to a friend
