Remember This … Obama Lecturing McCain on Spending During Campaign … White House Now Sees Higher Deficits Than Expected
The Audacity of Obama’s Spending.
Remember during the Presidential Election of 2008 when candidate Barack Obama lectured Senator John McCain on spending? If not, refresh your memory. These words came from the mouth of the many who will quadrupled the national debt this year. Obama dared lecture anyone on the last 8 years of spending? During the election Obama portrayed spending as a bad thing. Was this the change you voted for?
Barack Obama to John McCain:
“John, its been your President that you say you say you’ve agreed with 90% of the time, that presided over this increase in spending, this orgy of spending and enormous deficits and you voted for almost all of his budgets, so to stand here after 8 years and say you’re gonna lead on controlling spending…I think is kinda hard to swallow”
Actually, what is hard to swallow is the fact that the Democrats are borrowing nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates. More at The Gateway Pundit of the massive budget deficit created by democrats this year.
Budget office figures released Monday would add $89 billion to the 2009 red ink — increasing it to more than four times last year’s all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.
The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama’s economic stimulus bill — as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.
As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration reflects lower tax revenues and higher costs for bank failures, unemployment benefits and food stamps.