When we hear the partisan whining and complaining that President Obama has exploded the Federal budget deficit, it’s important to understand the budget train wreck he inherited from the previous administration. At the beginning of Jan. 2009, the nonpartisan Congressional Budget Office (CBO) released its report The Budget and Economic Outlook: Fiscal Years 2009 to 2019.
Over his eight years in office, George W. Bush presided over an 85.5 percent increase in the Gross Federal Debt.
When he was inaugurated on Jan. 20, 2001 the Gross Federal Debt was $5.728 trillion(1), or 57 percent of the $10.129 trillion(2) Gross Domestic Product (GDP).
On Jan. 20, 2009, the day of Bush’s departure, the Gross Federal Debt was estimated at $10.627 trillion(3), an 85.5 percent increase since his inauguration.
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