Who created this deficit, really?

From the Center for Budget Policy and Priorities comes the unexpected news that the Obama Administration policies have had little impact on the federal deficit after all. A new report released shows the deficit would barely top 3 billion dollars if it were not for the policies of the Bush 43 Administration. The TARP program is projected to be close to deficit neutral as the money is paid back, the recovery measures will be paid for in increased tax revenue, and the economic downturn will eventually subside. The enormous tax cuts enacted by the Republican Congress will balloon the budget shortfall and the ongoing wars in Iraq/Afghanistan will further sink any hope of fiscal solvency.

The first implications of these findings is it builds a strong case for deficit hawks to allow the Bush tax cuts to expire. The UI extension in the senate would extend the tax cuts for all but the wealthiest of Americans. Both Harry Reid and Nancy Pelosi have shown an ambivalence about passing a tax extenders bill without an extension of Unemployment Insurance. The second implication of this data is it could somehow translate into an opportunity for the Democrats to regain the upper hand on spending and the deficit. However, the Republicans will likely criticize the "liberal media" for twisting the data as usual.

You won't see the GOP filibustering defense spending

First, it was Jim Bunning blocking an unemployment benefit extension because the cost of it was not offset. It ended up passing. Then they blocked it again, this time with additional support from their caucus. It also ended up passing. A further unemployment benefit extension is now about to come up for a vote, with Republicans vowing once again to block it unless the cost is fully offset by spending cuts. The Senate adjourned for their recess without voting on the measure, so on June 2, nearly 200,000 people will lose their unemployment benefits. This cuts nearly 200,000 people a week off from the money they need to put food on their table, their health insurance and their livelihoods. This is all to make the point that deficit spending is wrong.

Let's put this in perspective. The Republicans began this deficit with two wars which were not paid for. War funding is essentially a benefit program. The money goes to pay for the deployed soldiers, their equipment and their well being. This is a social support program paid for by deficit spending. See any parallels? If the Republicans were actually trying to make a point about deficit spending they would block votes on ALL spending bills, not only unemployment benefit extensions. Furthermore, blocking unemployment benefits at a time when near 10% of the working population is unemployed is a completely reprehensible thing to do. Just as it would be completely unforgivable to cut soldiers off from their supplies.