This Federal Deficit.

Talking to people at work during lunch today, I realized that most do not understand how this federal deficit came to be. Well, I will try to explain this in the most elementary of ways. Here we go, Bush took office in 2001 with the country booming, then 5 month later he passed The Economic Growth and Tax Relief Reconciliation Act of 2001, which lowered taxes for retirement plans, income rates, and property. 4 month later we got attacked, 9/11. We needed to go to war; a poorly planned war was launched in early 2003. Three month into the war Bush passed The Jobs and Growth Tax Relief Reconciliation Act of 2003, which pretty much sped up the tax breaks that the previous act introduced when it came to income. We have been at war for about over 7 years now, the two wars, the one in Iraq and the one in Afghanistan, yes they are two separate wars, cost about 700 million dollars a day collectively. The combination of tax cuts with increased spending spawned federal deficit. Come the latter part of the decade, inflation, economic deficit and a crash in the housing and the credit market brought on an economic recession. Obama comes in to office in 2008, he cuts taxes for those with income under 250 thousand per year, installs stimulus measures to restart the economy, borrows money to work on his energy and health care plans. All this along with the tax cuts Bush passed (which both expire on December 31^st of 2010 btw) and the wars of course and you have a federal deficit. Hope this clears things up.