President Obama has not proposed any spending cuts, except to order his appointees at the Pentagon to study and recommend cuts in military funding that would not take place until next year.  With the Obama Stimulus plan passed by the House last week, and the bank bailout, 2009 will be the largest deficit ever.  The chart compares what the Obama campaign called the “soaring” deficits of the Bush years with the projected deficit this year.
The chart compares the deficit spending of the Bush era with the first two deficits of the Obama era.

The Obama Administrations first two annual deficits will add up to more than the sum of all the deficits run during the previous three administrations:

• the GHW Bush Administration; 1989- 1992
• the Clinton Administration, 1993 – 1997 (surpluses in 1998, 1999 & 2000)
• the GW Bush Administration, 2002 – 2008 (surplus in 2001)