Voting On Deficit? It’s Lower Now than 3 Years Ago- By $1.089 Trillion

From Maddow Blog:

Late Friday afternoon, the Treasury Department published the official report on the U.S. budget deficit for the most recent fiscal year: $1.089 trillion. While that’s obviously still a very large budget shortfall, the deficit is $200 billion smaller than it was last year, and is nearly $300 billion smaller than when President Obama took office.

To add a little historical context to this, over the last four decades, only two presidents have reduced the deficit this much, this quickly: Bill Clinton and Barack Obama.

Steve Benen explains:

As the job market improves and unemployment falls, one of the central attacks from Romney/Ryan against President Obama has to do with the deficit. The attack overlooks Paul Ryan’s role in creating the massive deficit, the inconvenient fact that Romney hasn’t presented a deficit-reduction plan, and the problem that the Romney/Ryan agenda would appear to make the deficit significantly worse, but that’s their story and they’re sticking to it.

It’s worth noting, then, that as of today, the U.S. federal budget deficit has shrunk — a lot.

I put together this new chart reflecting the deficit over the course of the last four years. It starts with the figures released in 2009, when the deficit reached a record high of $1.4 trillion. Why is the column in red? Because, thanks to fiscal years, Obama inherited a deficit of nearly $1.3 trillion from Bush/Cheney the moment he took the oath of office.

This year, however, according to the official data published by the Treasury Department, the deficit was $1.089 trillion.

More here

Infographic: Extending Tax Cuts

The White House makes the case:

(click to enlarge)

Eight False Things The Public “Knows” On Election Day

And while we’re on the topic of things to think about this election cycle, Dave Johnson puts forth a few of his own, including:

1) President Obama tripled the deficit.
Reality: Bush’s last budget had a $1.416 trillion deficit. Obama’s first budgetreduced that to $1.29 trillion.

2) President Obama raised taxes, which hurt the economy.
Reality: Obama cut taxes. 40% of the “stimulus” was wasted on tax cuts which only create debt, which is why it was so much less effective than it could have been.

3) President Obama bailed out the banks.
Reality: While many people conflate the “stimulus” with the bank bailouts, the bank bailouts were requested by President Bush and his Treasury Secretary, former Goldman Sachs CEO Henry Paulson. (Paulson also wanted the bailouts to be “non-reviewable by any court or any agency.”) The bailouts passed and began before the 2008 election of President Obama.

 

Read ’em all here.   (Thanks, Wulfgar)