The Federal deficit is under $500,000,000,000 for the first time since Senator Obama voted for TARP and President Bush signed it. That’s what passes for good news.
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The bad news is that the deficit remains larger than any of Bush’s non-TARP years — with record federal revenues. Under Bush’s last and worst year of spending, this year’s tax receipts would have allowed Washington to just about break even.
In other words, $450,000,000,000 — Bush’s worst non-TARP deficit — looks to be about as good as it ever gets for Obama.
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