Moore: The Pelosi-Reid Deficits
“During a recent press conference, President Obama blamed George W. Bush for the nation’s fiscal condition. “When I walked in,” he declared, “wrapped in a nice bow was a $1.3 trillion deficit sitting right there on my doorstep.” Earlier this year he asserted that “we came in with $8 trillion worth of debt over the next decade.”
“Neither statement is correct, according to the Congressional Budget Office (CBO). True enough, the outgoing Bush administration bequeathed big deficits to Mr. Obama. The expected 2009 deficit was $1.19 trillion, not $1.3 trillion, however—and the actual deficit for 2009 came in at $1.41 trillion, meaning that the new president added some $220 billion to the total.
“Far more significant, however, was the president’s misstatement that Mr. Bush and the Republicans left the country with $8 trillion of debt over the next 10 years. The CBO’s projected 10-year deficit when Mr. Obama took office was actually $4.09 trillion. Now, after 20 months of his presidency, the expected deficit has almost doubled, to $7.68 trillion.
“A strong case can be made that the people most responsible for the gigantic deficits we face today are neither George W. Bush nor Barack Obama. The real culprits are Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid.”