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View Diary: Four questions for Republicans...and four answers for undecided voters (143 comments)

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    A DC Wonk

    FY 2008 vs. 2009

    2008 vs. 2009

    The CBO reported in October 2009 reasons for the difference between the 2008 and 2009 deficits, which were approximately $460 billion and $1,410 billion, respectively. Key categories of changes included: tax receipt declines of $320 billion due to the effects of the recession and another $100 billion due to tax cuts in the stimulus bill (the American Recovery and Reinvestment Act or ARRA); $245 billion for the Troubled Asset Relief Program (TARP) and other bailout efforts; $100 billion in additional spending for ARRA; and another $185 billion due to increases in primary budget categories such as Medicare, Medicaid, unemployment insurance, Social Security, and Defense - including the war effort in Afghanistan and Iraq. This was the highest budget deficit relative to GDP (9.9%) since 1945.[57] The national debt increased by $1.9 trillion during FY2009, versus the $1.0 trillion increase during 2008.[58]

    Over $600 Billion extra tacked on 2009 by Obama that you cannot attribute to Bush.

    "Those are my principles, and if you don't like them... well, I have others." - G. Marx

    by Skeptical Bastard on Fri Oct 29, 2010 at 11:51:08 AM PDT

    [ Parent ]

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