Obama administration raises 10-year deficit estimate to $9 trillion

During the eight years that President Bush was in office, the country racked up a total deficit of $2.5 trillion (go to table B-78). The largest deficit during an congress occurred when the Democrats controlled both the House and the Senate during Bush's last two years in office. The deficit during the last year that the Republicans controlled the House, Senate and Presidency was $162 billion. Now remember that these estimates of the deficit are by the Obama administration and are thus likely to be conservative. Even so, the average deficit is estimated to be $900 billion per year. That is 5.6 times greater than the last purely Republican deficit. It is about 3 times greater than the average deficit under the Bush administration. Remember during the presidential debates, Mr. Obama claimed that our economic problems were due to the large Bush deficits and that he promised to cut government spending to solve that problem.

Reuters reports:

The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday. . . .

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