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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (746627)10/14/2013 5:47:30 PM
From: i-node3 Recommendations

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Tenchusatsu
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TimF

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>> That means Bush's last budget had a deficit of $1228 billion baked in, given that the stimulus accounted for $185 billion in FY 2009.

Yes, and it had $700 Billion in TARP money "baked in", which was subsequently recovered and credited against Obama's borrowings (when it was booked as an asset), resulting in a $700B overstatement of FY2009 and a $700B understatement of subsequent years. One of the nice things about not having to adhere to real accounting standards.

Once you back out the effect of that $700B (what would be a major restatement or PPA in REAL financial statements), Bush actually had about a 500B deficit in his final year.
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