Truth About Bush's Deficit in Last Year in Office

The often quoted Bush $1.3 trillion deficit is a huge distortion and a quirk of the government budget process; Obama and the Democrats know this but they continue to lie about it anyhow. Many others quote the $1.3 trillion figure out of ignorance.

The truth is that Bush had a real deficit of about $600 billion. THEN THE TARP FUNDS OF $700 BILLION, WHICH WERE SUPPOSED TO BE A LOAN NOT SPENDING, WERE ADDED TO THE BUSH BUDGET AS IS THE STANDARD GOVERNMENT ACCOUNTING PRACTICE. EVEN THOUGH $500 BILLION HAS BEEN REPAID, THE "BUSH DEFICIT" DOES NOT GET CREDIT FOR THIS. THE $200 BILLION THAT IS NOT BEING REPAID IS PRIMARILY FROM AIG, GM AND CHRYSLER, all of whom who Obama continued to bailout and excuse repayments.

Of course, Obama wants to continue to recycle the TARP funds since he views this as "free money" that was assigned to the Bush deficit. Obama can even absorb other losses with this TARP money and it still will not be assigned to his budget as it rightfully should be.