US Presidency
2010

It's a challenge that makes all others that much harder to solve and one that's been subject to a lot of political posturing. So let me start the discussion of Government spending by setting the record straight. At the beginning of the last decade, the year 2000, America had a budget surplus of over $ 200 billion. By the time I took office, we had a 1 year deficit of over $ 1 trillion and projected deficits of $ 8 trillion over the next decade. Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program. On top of that, the effects of the recession put a $ 3 trillion hole in our budget. All this was before I walked in the door. Now, just stating the facts. Now, if we had taken office in ordinary times, I would have liked nothing more than to start bringing down the deficit. But we took office amid a crisis.