Obama: 64 percent of budget deficit is my handiwork

August 25, 2009

From the Office of Management and Budget:

The Administration contemporaneously acted to address the financial crisis and get credit flowing again through the Financial Stability Plan, and worked to help homeowners facing foreclosure through the Homeowner Affordability and Stability Plan. In addition, the Administration took action to forestall the failure of two of the Nation’s largest automobile manufacturers and to strengthen the non-bank credit market. All together, these efforts—along with the ARRA—increased the deficit in the short run. In fact, 64 percent of the current deficit is directly attributable to rescue and recovery efforts and other countercyclical programs that were essential in preventing a deeper and more costly recession.


We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/

Is this assuming the $700 billion TARP and auto-industry support under Bush was also Obama’s handiwork?

Posted by drewbie | Report as abusive

There is a reason we have the expression “tax and spend democrat.” Obama has spent more money in 6 months than George Bush did in 8 years, and he spent money like a democrat. Obama promised transparency and then rammed a spending bill through that no-one had time to read. The ones that voted for him were too lazy to research what he really stood for. Based on his factual, documented voting record, he was the most liberal, leftist member in the senate, followed by John Kerry and Hillary Clinton. Now he wants to force socialized medicine down our throats, for another 10 Trillion, and he doesn’t even take care of his brother and aunt, living here in the projects illegally. Wake up, morons!

Posted by Loren Ozanne | Report as abusive