Posted 1 year ago on Jan. 3, 2012, 10:59 a.m. EST by sato
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This is what Republicans never acknowledge.
Taking office in 2001 with a balanced federal budget and a surplus, Bush quickly pushed through sweeping tax cuts that were not offset by spending cuts. The tax cuts have cost about $1.8 trillion, according to estimates by the Congressional Budget Office and the Center on Budget and Policy Priorities.
The wars in Iraq and Afghanistan launched after the Sept. 11, 2001, terror attacks never were budgeted and have cost taxpayers about $1.4 trillion so far. Obama ordered the last troops out of Iraq in December, but the Afghanistan conflict will extend into 2014.
Bush signed legislation in 2003 enacting a prescription drug benefit as part of Medicare, the government health care plan for seniors — a huge entitlement program projected to cost as much as $1.2 trillion over 10 years.
The Troubled Asset Relief Program, the bank bailout program widely loathed by many conservatives, was another Bush-era program. Congress authorized nearly $700 billion for the program at the recommendation of Bush's treasury secretary, former Goldman Sachs executive Henry Paulson, in response to the collapse of Lehman Brothers and the subsequent financial crisis in the fall of 2008. As a presidential candidate, Obama supported the TARP bailout, as did his GOP rival, Sen. John McCain. To be sure, today's GOP candidates occasionally acknowledge that not all was perfect pre-Obama.