With and without PAYGO, the deficit has increased dramatically since Pelosi became speaker, under both Presidents Bush and Obama.
The nonpartisan Congressional Budget Officeâ€™s November monthly budget review contains a chart that shows the deficit steadily climbed from $161 billion in 2007 to $459 billion in 2008, and peaked at $1.4 trillion in 2009. By that year, the deficit represented 10 percent of GDP â€” the highest level since 1945. It was $1.3 trillion, or 8.9 percent of GDP, in fiscal year 2010 â€” the second highest since 1945.
As the numbers show, the speaker can take credit for spending more money on education, veterans, small business tax credits and other programs, but she canâ€™t also take credit for “restoring fiscal discipline.”
There are several issues with that post.
1. It completely ignores that the BIGGEST elements of the deficit were implemented BEFORE PELOSI became speaker.
– bush tax cuts
– wars (not included in bush’s deficit estimates)
– medicare expansion
Their “Fact check” seems to want to blame Pelosi for things passed before she was speaker and/or for the recession that began in 2008.
If that is the goal of the “fact check” I would like them please explain which of those policies she forced on GWB that brought about the recession.
2. Bush’s $459 billion estimate for FY 2008 did not include the wars, amt adjustment,etc – itâ€™s a fictional number.
You can learn more here:
Obama Bans Gimmicks, and Deficit Will Rise
The price of more honest bookkeeping: A budget that is $2.7 trillion deeper in the red over the next decade than it would otherwise appear, according to administration officials.