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While the latter 2 statements are quite clearly true, the fact is that you inherited a $454 Billion deficit.

The article you cited linked to fiscal 2008. Bear in mind that the federal government's fiscal year does not match up to the calendar year - it runs October 1 to September 30. Which means that actions taken in the fall of one year accrue to the next year's fiscal year.

The federal budget deficit for FY 2009 had been run up to slightly more than $1.1 trillion before Obama took office, due to the emergency bailout measures that were adopted in the last few months of the Bush administration:

So Obama is correct in that he inherited a trillion dollar deficit.

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