PolitiFact | Axelrod claims Bush saddled Obama with a big deficit :Mostly True

Center on Budget and Policy Priorities

Some critics charge that the new policies pursued by President Obama and the 111th Congress generated the huge federal budget deficits that the nation now faces. In fact, the tax cuts enacted under President George W. Bush, the wars in Afghanistan and Iraq, and the economic downturn together explain virtually the entire deficit over the next ten years (see Figure 1).

The deficit for fiscal 2009 was $1.4 trillion and, at an estimated 10 percent of Gross Domestic Product (GDP), was the largest deficit relative to the size of the economy since the end of World War II. Under current policies, deficits will likely exceed $1 trillion in 2010 and 2011 and remain near that figure thereafter.

The events and policies that have pushed deficits to astronomical levels in the near term, however, were largely outside the new Administration’s control. If not for the tax cuts enacted during the Presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that began during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits in the near term.

While President Obama inherited a bad fiscal legacy, that does not diminish his responsibility to propose policies to address our fiscal imbalance and put the weight of his office behind them. Although policymakers should not tighten fiscal policy in the near term while the economy remains fragile, they and the nation at large must come to grips with the nation’s deficit problem. But we should all recognize how we got where we are today.

http://www.cbpp.org/cms/index.cfm?fa=view&id=3036

Keep in mind that Bush didn't saddle us with the price tag for his two wars. It wasn't ON the books during his administration. Obama went and did the responsible thing...he put that on the books so we can deal with it. And has been condemned bu the frighty-righties for EVERYTHING since.

How could any conservative be so blind and ignorant to the glaringly obvious fact that Obama inherited a nearly-failed state? All because the Bush administration allowed a single terrorist attack to occur on our soil - and let's not forget the disastrous tax policies and the idiotic demonization of the rest of the civilized world. Yeah, the stinking heap of Bush dung is going to be swept under the rug and the magical days of Reagan-Think will gloriously descend on a blessed nation once more after one year of a new administration. Can anyone say racist- sore-loser corporate-tools? The hardest thing to teach a man is something his job depends on him not knowing......among conservatives this applies when his job has been sent overseas and he's unemployed and can't get into the nursing program at the local junior college. And all of this is a result of 'socialism'? Too much reality TV......

I'm sick of hearing about "blaming Bush".

Bush was terrible, and we are still feeling the affects of his disastrous policies and military aggression. We will be feeling the affects for years to come.

If, after 8 years, Obama can get America to where it was in 2000 (16 years behind) it will be a major accomplishment.