Obama Lies Exposed: Record Budget Deficits Not From Health Care

October 9, 2009 (LPAC)—The Congressional Budget Office released a statement Oct. 7 which estimates that the federal budget deficit was about $1.4 trillion in fiscal year 2009. That is about three times the deficit in fiscal year 2008 which was approximately $495 billion.

The substantial increase in the deficit resulted from both declining revenues and increased spending. The revenues in 2009 were almost $420 billion (or 17%) below receipts. At the same time, outlays increased by over $530 billion (or 18%) in 2009.

While Obama and his administration have lied that the biggest cause of the deficit is health care costs, the CBO points out that "almost half of the spending increase — $245 billion — resulted from outlays from the Troubled Asset Relief Program (TARP) and net payments to Fannie Mae and Freddie Mac." In addition, CBO estimates that spending increases and revenue reductions stemming from Obama's so-called stimulus program, the American Recovery and Reinvestment Act of 2009 (ARRA) totalled almost $200 billion this year.