How did we get from nearly $6 trillion projected surpluses in 2001 to $6 trillion in new debt?
As President Obama and Republican leaders in Congress square off on the debt-cutting measures that could send us over the fiscal cliff, “it’s crucial to remember the source of our deficit and debt. The Center for American Progress’ Michael Linden explains the laws passed during the Bush administration along with the wars and the bad economy over a decade made up 86 percent of the debt we’ve accumulated since 2001. President Obama’s spending and the stimulus are responsible for only 14 percent.
Keep that in mind as Republicans demand concessions from the president and the middle class.
Copyright 2012 The National Memo