The article points out that in FY 2007 during the Bush Administration, the Federal budget deficit was a (relatively) modest $162 Billion. Only during FY 2008 and 2009 did the Bush deficits skyrocket as a result of measures taken in response to the recession and the banking crisis. Now that the recession appears to be over and the massive stimulus and bailout spending is no longer needed, the Federal deficit should return to pre-recession levels, right? Wrong! Under the Obama spending plan, deficits remain at staggering levels through 2020, with almost all (90%) of the deficits resulting from increased spending. Even when compared with President Obama's budget from last year for FY 2010, the FY 2011 budget reflects $2 Trillion in additional deficits through 2020 (see table).
President Obama must act to curb these massive spending increases and to reign in uncontrolled entitlement spending. Every year that passes without these issues being addressed just sends our nation deeper into a financial hole.
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