Several months ago, The Center for American Progress put together an analysis of the prime contributors to the current federal budget deficit. The long and short of it; nearly all the deficit is a result of Bush Administration policies and the resulting economic downturn.
Via Kevin Drum comes this more recent CBPP analysis of the deficit that includes some forward looking projections. Identifying the contributors as the economic downturn, the TARP bailouts, the Obama stimulus package, the wars in Iraq and Afghanistan and the Bush era tax cuts, the graphic (left - click to enlarge) makes it pretty clear the deficit issues were largely inherited by President Obama.
It's a nasty hand to be dealt. Even if Obama were to somehow make the Mideast wars go away and end the Bush tax cuts, he'd still be left with the deficits resulting from the recession brought about by his predecessors policies.
Remember this chart when folks like Eric Cantor and some of those tea party goofballs rant about government spending, their own dedication to spending discipline, the out of control deficit, and how the Democrats are asking our kids and grandchildren to foot the bill for their liberal policy adventures.
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