Press Release ● Jobs and Economyfacebooktwitterbirdemail
From Surplus to Deficit in Eight Years
For Immediate Release:
March 17, 2009
Katie Grant Stephanie Lundberg (202) 225 - 3130
“There's no question that what the economic circumstances that [President Obama] inherited are difficult ones…I don't think you can blame the Bush administration for the creation of those circumstances.”
– Former Vice President Dick Cheney, 3/15/09
When President George W. Bush took office, the Bush Administration and Republican Congress used the opportunity to pass massive tax cuts, which erased the surplus and created the largest deficits in history. Even as indicators showed that the nation was heading down a troublesome path, Republicans repeatedly ignored the problems and assured prosperity.