Yes, Bush created $1.3T in debt his last year in office ... technically but not actually. Over half of that was for the TARP bailout which was short-term debt, most of which has already been repaid. A couple of points worth mentioning about that:
Fact #1: Bush didn't create the $700B TARP bailout debt ... the Democratic(!) Congress did. Yes, Bush signed the bill but he would have had nothing to sign if the =>Democratic<= Congress hadn't decided to create it. Fact is, Bush couldn't have stopped it if he wanted to so it's irrational (as well as factually incorrect) to call it a debt he created.
Fact #2: It wasn't really debt in the usual sense that our federal government creates debt because the money Congress came up with was A LOAN to credit-worthy companies. It wasn't just 'spent' on infrastructure or other government program. Contrary to most government spending, this money was to be repaid so it was NOT a burden put on Obama that he would have to suffer from.
Fact #3: Not only was it a self-correcting 'debt problem' because it was to be repaid, it's being repaid with interest! So, Obama's budget actually BENEFITS from that loan, not only by getting it repaid automatically(!) but Obama gets the profit from it, not Bush! Do you think we'll ever hear from Obama that he's grateful to Bush for TARP because he (Obama) gets to benefit from the profit? Don't think so! ;-)
Aren't actual facts pesky things? Yeah, they tend to get in the way of a good time when people who like to live in the real world keep pointing them out. The reality is, Democrats have turned $700B of that so-called Bush debt into their debt. It's no longer Bush's debt because his debt has mostly been repaid by those it was LOANED to. Democrats have turned the repaid bailout money into their personal $700B slush fund and think they get to call it Bush's debt! NOT while I'm watching them they don't!
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