The Obama administration "... will run up more debt by October than Bush did in eight years." Karl Rove on Sunday, January 10th, 2010 in the Washington Post
Well, give Karl a call and ask him to tell you about the math he used to arrive at that conclusion. The FY 2010 federal budget deficit was $1.3 trillion and the estimated FY 2011 federal budget deficit is $1.4 trillion. On the other hand, from FY 2002 through FY 2009, the federal government's national debt increased about $6 trillion.
Well the projections we're talking about here are through the year 2015 of course. I don't have all the numbers but this has definitely become a major point of the fiscal conservative side, especially considering the Obama administration didn't even pass a budget last year until after the deadline and much prodding.
But reportedly there would have been an increased discretionary spending by 84% if given the chance, an increase that later dwindled to about 27%. And try estimating the trillions of dollars in regulatory costs over the next 10 years small businesses WOULD have faced under Obama's healthcare bill which is now forgotten. Or what about the trillions in new tax increases that have been shot down.
My original point though regarded a comparison with he and Bush, who granted, was hardly a fiscal conservative.
