Who ran up the higher deficit? Bush or Obama?

Everybody knows that Obama has exploded our debt, right? Blew spending out of the water. Seems like the Congressional Budget office sees it differently.

From today's New York Times:

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Seems pretty convenient that during the Bush Administration, there wasn't too much fuss made about all of this runaway spending. Two wars, a tax cut, the Medicare drug benefit...none paid for. But just as President Obama arrives in town, then it was finally time to stop spending and get our affairs in order. Right now.

I agree we need to cut spending, reduce the size of the Federal Government, and yes, let the Bush tax cuts expire and update our tax code to have more than a single tax bracket for those who make more than 250K a year. (Currently a guy earning 251K per year pays the same tax rate as does a guy making 251 Billion per year in taxes...)

It doesn't tell the whole story, but it does shed a different light upon things, doesn't it?

(Thanks to Pete Dominick/POTUS/CNN for the heads up on the chart...)



Source: http://www.nytimes.com/imagepages/2011/07/24/opinion/sunday/24editorial_graph2.html?ref=sunday