Big budget deficits and vastly increased national debt; the national debt as of the date of Bush’s 2001 inauguration was $5.7 trillion. By January 2009 it was $10.6 trillion, an increase of 85.6%.
Bush began his Presidency in 2001 with a $128.2 billion surplus left over from the Clinton Administration. By 2004, with his tax cuts and wars in Afghanistan and Iraq, Bush achieved a budget deficit of $412.7 billion. At this point, under the aegis of Bush’s “ownership society”, the country entered into a bubble economy and by 2007 the deficit declined to $160.7 billion. However, in August 2007, the housing bubble burst (item 87). The deficit for 2008 increased sharply to $438 billion. The projected budget deficit for 2009 (the government’s 2009 fiscal year began on October 1, 2008) in January 2009 as Bush leaves office was $1.186 trillion, and this does not include supplemental appropriations for the wars in Iraq and Afghanistan nor approximatively $400 billion for an expected Obama stimulus package.