Monday, February 1, 2010

Oh Joy, Another $1.6 Trillion in Deficit Spending

The big news of the day is the budget, all $3.8 Trillion of it, including a $1.6 Trillion deficit. We'll hear lots of talk of what was inherited to be sure. This CBO graph, however, puts the inheritance in context:

To be sure, Republicans spent like drunken sailors, but they don't hold a candle to the Democrats.  Rep. Jeb Hensarling made an appearance on Morning Joe this morning to discuss the budget shortfall and his famous exchange with President Obama at the Republican House retreat on Friday.  The point he makes quite early in the segment is one that bears repeating.  Congress spends the money and it was a Democratic Congress that has controlled the budget since 2006.    Republicans were certainly not without blame but they paid a dear price for their spending and were voted out in droves beginning in 2006.  

Hensarling makes mention of Paul Ryan's budget at the very end of the segment.  Ryan issued a statement today about the budget and has analysis, charts and graphs including the following graph to illustrate how fiscally responsible the Democrats have been since taking charge of government:

Perhaps this explains why Joe Scarborough concedes Paul Ryan is a star at the end of the Morning Joe segment:

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