Congress kept spending money the Treasury didn’t have. This year’s deficit — the total added to the debt — is expected to be “only” $744,000,000,000, or 4.4% of GDP. The economy is expected to grow less than 2.5% this year. What that means is that although President Obama loves to take credit for shrinking the deficit he caused to balloon, our total indebtedness is still growing faster than the economy.Don't bother the President with details. Some Other Dude Did It. George Bush, most likely.
Stephen Green has more here.