The day the democrats took over was not January 22, 2009, it was actually January 3, 2007 - the very start of the 110th Congress.
- At that time: The DOW Jones closed at 12,621.77
- The GDP for the previous quarter was 3.5%
- The Unemployment rate was 4.6%
- George Bush's Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH
Remember the day... January 3, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!
President Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in 2001 because it was financially risky for the U.S. economy.
And who fought against reform of Fannie and Freddie? OBAMA and the Democrat Congress.
So when someone tries to blame Bush - REMEMBER JANUARY 3, 2007.... THE DAY THE DEMOCRATS TOOK OVER!" Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January, 2007 is the Democratic Party. Furthermore, the Democrats controlled the budget process for 2008, 2009, 2010, and 2011.
For 2009, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budgets.
And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete 2009.
What Democrats inherited was the 2007 budget, the last of the Republican budgets.
That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.
If Obama inherited anything, he inherited it from himself. Obama inherited a deficit that he voted for, and then he voted to expand four-fold since January 20, 2009.