"President Obama asserted[1]: '[T]he deficit was on track to top $1 trillion the year I took office.'

This is seriously mistaken.

The Congressional Budget Office's projections from January of 2008, the last ones made before it recognized the housing bubble and the implications of its collapse, showed a deficit of just $198 billion for 2009, the year President Obama took office. In other words, the deficit was absolutely not 'on track to top $1 trillion.'"[2]

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[1]: http://blogs.wsj.com/washwire/2011/07/25/obamas-address-to-t...

[2]: http://www.cepr.net/index.php/blogs/beat-the-press/president...