Live blog: Second debate between President Obama and Mitt Romney
FACT CHECK: Obama doubled the deficit: Romney’s claim that Obama “doubled” the deficit is true -- and actually understated -- in a simple comparison between $459 billion in fiscal year 2008 and $1.4 trillion in 2009. But the 2009 fiscal year began while George W. Bush was still president, and the budget for the year was largely set before Obama took office.
Two weeks before Obama’s inauguration, the Congressional Budget Office projected a $1.2 trillion deficit for the 2009 fiscal year. Since the final deficit was $1.4 trillion, Obama might be blamed fairly for adding to -- but not doubling -- the deficit.
The deficit projection for the current fiscal year is $901 billion, about $500 billion less than the deficit during Obama’s first year in office but not the 50 percent reduction he promised. by Callum Borchers, Globe... 10/17/2012 1:37:33 AM