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|Subject: Re: Charley Reeses Last Column||Date: 10/7/2012 1:08 PM|
|Author: tamhas||Number: 64077 of 68037|
The final Congressional Budget Office baseline deficit projection before Obama took office -- noted in table 5 in this January 2009 CBO report -- showed a fiscal year 2009 deficit of $1.19 trillion.
That figure doesn’t account for any of Obama’s own spending initiatives, such as the stimulus bill. But the deficit grew quickly under Obama: The fiscal 2009 deficit rose to $1.41 trillion and has remained above $1 trillion annually ever since.
But compared to what Obama inherited, the annual deficit has gone down slightly. CBO projects that for fiscal 2012, which has just ended, the fiscal 2012 deficit will be $1.09 trillion.
So, far from doubling the deficit, Obama (along with, it should be noted, some Republican help in Congress) has instead reduced the deficit by about 8 percent.
The only way to get to doubling is to use a different starting point, which is what the Romney campaign does. His campaign compares the current deficit to the final fiscal 2008 deficit of $458.6 billion.
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