Columnist: Bush mostly to blame for deficit listen06/10/09 Mitch E. Perry
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The Congressional Budget Office forecasts that in the coming years, the federal government will be running the biggest deficits since the years just after World War II.
Republicans blame President Obama’s budget for this – but according to New York Times Business Columnist David Leonhardt, Obama’s ambitious agenda is responsible for only a small part of the deficits. However, Leonardt writes that the president does not have a realistic plan for eliminating it.
Leonhardt looked at the surpluses that the federal government enjoyed beginning in January 2001, when George W. Bush succeeded Bill Clinton, and where we’re at now. He broke down the $2 trillion difference into four categories.
His analysis of the federal deficit, and how its shifted from a surplus eight years ago to a growing deficit today, is featured on the front page of the Times today, called “Sea of Red Ink: How It Spread from a Puddle.” It is also accessible at NYTimes.com.