BUDGET DEFICIT: DEMOCRATS VS. REPUBLICANS (graph, historical data)

OBAMA INHERITED THE HIGH DEFICITS FROM THE DEMOCRAT CONGRESS. Obama and the Democrats are constantly blaming Bush for the deficit. BUT they fail to mention that: 1- Congress approves the President’s proposed budget. 2- Since 2007, Democrats have been the majority in the Senate and in the House. That means that Democrats approved the budgets for Fiscal Year 2008 and Fiscal Year 2009 when the deficit increased exponentially (see tables below).

DEFICIT HISTORICAL DATA		FISCAL YEAR	DEFICIT PER YEAR	TOTAL DEFICIT	AVERAGE DEFICIT
			In Billions of Dollars
REPUBLICAN CONTROLLED HOUSE In the 12 years that Republicans controlled Congress, the total deficit was $1.25 Trillion, and the average deficit was $104 billion (average of final deficit/surplus FY1996-FY2007 data taken from Table F-1 below).		1996	-107.4
		1997	-21.9
		1998	69.3
		1999	125.6
		2000	236.2
		2001	128.2
		2002	-157.8
		2003	-377.6
		2004	-412.7
		2005	-318.3
		2006	-248.2
		2007	-160.7	-$1.25 Trillion	-$104 Billion
DEMOCRAT CONTROLLED HOUSE In just 3 years under Democrats, the total deficit is $3.2 Trillion (almost triple the Republican total deficit in 12 years) and the average deficit is now almost $1.1 trillion (average of final deficit/surplus FY2008 and 2009 data taken from Table F-1; FY2010 data taken from Table 1-3).		2008	-458.6
		2009	-1413.6
		*2010 Projection	-1349	-$3.2 Trillion	-$1.1 Trillion

CBO’s Table F-1 (PDF page 144)	CBO’s Table 1-3 (PDF page 26)
____ DEFICIT UNDER REPUBLICAN CONTROLLED HOUSE ____ DEFICIT UNDER DEMOCRAT CONTROLLED HOUSE
MORE FACTS Obama’s proposed budget will triple the national debt over the next 10 years. According to CBO’s June 2009 estimate of the President’s Budget FY2010 (PDF page 12), debt held by the public would rise from its 2008 level of $5.803 trillion to $17.126 trillion in 2019, which is 2.95 times larger than the 2008 level. Obama’s budget will triple the national debt and increase the cost of government to almost 25% of our economy: According to the President’s FY2010 budget (Table S-1) [http://www.whitehouse.gov/omb/budget/fy2010/assets/summary.pdf], debt held by the public is set to rise from $5.803 trillion in FY2008 to $16.027 trillion in FY2019, which is 2.76 times larger. Also, the President’s budget shows spending as a percentage of GDP at 24.4% for FY2010. CBO’s June 2009 estimate of the President’s budget also shows federal outlays at 24.5% of GDP in 2019. The old annual deficits under Republicans have now become the monthly deficits under Democrats. According to CBO’s September 2009 Monthly Budget Review, July 2009’s deficit was $181 billion. According to CBO’s December 2009 Monthly Budget Review, October 2009’s deficit was $176 billion. Comparatively, according to OMB’s Historical Tables (Table 1.1), Republicans’ last annual deficit was $160.7 billion in FY2007. Even Republicans worst annual deficit – $412.7 billion in FY2004 according to OMB’s Historical Tables (Table 1.1) – is much lower than the Democratic deficits. According to CBO’s January Monthly Budget Review, in the first 3 months of FY2010 (October-December 2009) alone, Democrats have run up a deficit of about $390 billion. That is $22.7 billion shy of the GOP’s worst annual deficit. The national debt has increased 30%. According to CBO’s January 2010 Budget and Economic Update (Table F-1), the debt held by the public at the end of FY2008 was $5.803 trillion, and at the end of FY2009 was $7.544 trillion. This is an increase of 30%.

DEFICIT GRAPH

SOURCES CBO January 2010 Budget and Economic Outlook, Rep. Jeb Hensarling, Rep. Jeb Hensarling Corrects Obama’s Inaccurate and Dishonest Statements on the US Deficit, GatewayPundit, Heritage, CNS News

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