Yet more cognitive dissonance between what the Obama administration and reality say (emphasis mine):
Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).
Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July.
Boy, and we thought the days of $200 billion annual deficits were bad…! Coincidentally, the Democrats did, too, at least back then, and they let Bush have it. Now? Not so much. I think this is also interesting to note:
The independent budget scorekeeper [the CBO] has projected the deficit to reach $1.8 trillion by the end of the fiscal year, Sept. 30. The deficit in 2008 reached $455 billion, which was a record at the time.
Did you catch that? At its highest point during Bush's years, the deficit was half a trillion, but Obama has managed to quadruple that amount in just a few months! Remember this oldie-but-goodie:
And, ironically — and almost totally erroneously — Obama continues to blame Bush for the financial problems we're facing today.
Hot air provides this illumination:
Let’s compare those numbers for a moment. Tax receipts declined by 17% in July, but spending went up by 21%. Shouldn’t spending decrease when less money gets received? For American families, that’s certainly how it works. At the very least, one would expect Congress to hold the line on spending and stop any increases when it expects less revenue. That would be the fiscally responsible path to take in an economic crisis.
Small wonder Barack Obama postponed the administration’s release of budget numbers last month in the middle of the health-care debate. With the 38% swing in the deficit from last July, it would have made proposing a massive new federal program to run the nation’s health care much more difficult to justify. Would you trust your health-care decisions to someone who can’t balance a checkbook?
If you wouldn't, it's time to engage, because that's exactly what Obamacare does.
There's my two cents.