The Fox Nation web site posted a headline reading, “Obama Triples Budget Deficit to $1.4 Trillion,” which linked to an AP article that suggested anything but that claim. The AP’s exact wording: “[t]he federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week.”
In fact, the article stated that the Congressional Budget Office’s most recent estimate shows that only a small part of the FY09 deficit can be attributed to Obama’s policies. Before he even took office the CBO projected that the deficit would increase to $1.2 trillion based on Bush’s policies and the economy, at that time.
CBO Report from January 7, 2009:
The ongoing turmoil in the housing and financial markets has taken a major toll on the federal budget. CBO currently projects that the deficit this year will total $1.2 trillion, or 8.3 percent of GDP. That total, however, does not include the effects of any future legislation. Enactment of an economic stimulus package, for example, would add to the 2009 deficit. In any event, as a percentage of GDP, the deficit will most likely shatter the previous post-World War II record high of 6.0 percent posted in 1983.