8/05/2010

This has gone past being comical with the Obama administration blaming Bush for the DEFICITS!

The massive increase in government spending has nothing to do with this? The deficit was getting smaller until the Democrats took over Congress. Obama promised to cut the deficit when he won election.

The Bush administration's "misguided" policies are to blame for huge U.S. budget deficits, Treasury Secretary Timothy Geithner charged on Wednesday as he sought to build an election-year case for ending tax cuts for the wealthiest Americans.
With congressional elections looming in November, Geithner sought to regain the high ground on the issue of who bears responsibility for record budget gaps and to counter Republican labeling of Democrats as tax-and-spend, bailout-happy liberals.
Geithner said extending the Bush-era tax cuts for top income earners, as Republicans want, would force more borrowing to cover lost revenues and crimp more-effective remedies for boosting economic growth and hiring.
"Borrowing to finance tax cuts for the top 2 percent would be a $700 billion fiscal mistake," Geithner said. "It's not the prescription the economy needs now, and the country can't afford it."
With the economic recovery showing signs of slowing and unemployment at a lofty 9.5 percent, President Barack Obama's popularity has taken a heavy hit and Democrats on Capitol Hill are at risk of losing their majorities in the Senate and the House of Representatives. . . .

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