Federal deficit: Trail of broken promises

And this is a surprise... how? Just wait until the real spending starts in Washington. The deficit reflects actual spending, not what the Obama administration has planned. You have to break the economy to change the economy... yes we can.

The war years' deficits of President Bush will look like chump change compared to what President Obama has planned.

Federal deficit: Trail of broken promises

Republicans and Democrats rage about the long-term deficit, as if they had nothing to do with it. But both parties undermine efforts to get it under control.

By Jeanne Sahadi, CNNMoney.com senior writer

Last Updated: October 29, 2009: 7:38 AM ET

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NEW YORK (CNNMoney.com) -- When it comes to figuring out what has caused the country's record accumulation of debt, just about every politician in Washington has a theory.

The theories usually boil down to this: The other guy did it. The other party's White House. A previous Congress. You get the picture.

In reality, growing the deficit has been very much a bipartisan effort. Members of Congress from both parties and presidents past and present have all contributed to the problem.

And it is a problem. By 2019 the total debt accrued over the past several decades is on track to approach an unhealthy 82% of gross domestic product. That's one reason why those who own U.S. debt and credit ratings agencies will be looking for lawmakers to put together a plausible deficit-reduction plan in the next few years.

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