From the January 27 edition of Fox News' The Fox Report:
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In recent months, media figures have advanced a litany of false and dubious claims regarding deficits and public debt. In addition to promoting the false narrative that portrays Republicans as responsible budget stewards and Democrats as fiscally reckless, these claims advance the argument that the administration should cut spending and focus on balancing the budget in the short term, a position rejected by numerous economists who advocate for continued stimulus spending.
Ignoring Congressional Budget Office (CBO) estimates showing health care reform will reduce deficits, a Wall Street Journal editorial asserted that President Obama should "[d]rop the health-care bill" if Democrats "really are serious" about fiscal responsibility. The editorial further attributed all of the fiscal year 2009 spending to Obama, but the increases in spending and the deficit also reflect the impact of policies enacted under former President Bush.
Purporting to grade President Obama's first year in office, Dick Morris falsely attributed to Obama all of the federal spending and deficit from fiscal year 2009, which began in October 2008. Morris therefore ignored spending that took place under President Bush from October 1, 2008, to January 20, 2009, including significant outlays committed by the federal government in response to the recession, as well as the impact of the recession itself on the federal budget.
Eric Bolling presented a chart titled "Obama's Checkbook" which purported to show the Obama administration's "new spending," but in fact included a variety of spending that was actually initiated during the Bush administration. Bolling also claimed that Obama has generated "$0" in revenue, despite citing the "new spending" that would occur if health care reform and cap and trade legislation were to pass, even though those programs actually increase revenues and are deficit reductive, according to the Congressional Budget Office (CBO).
During his January 13 interview with Sarah Palin, Glenn Beck criticized John McCain as a "progressive" who "was for the bank bailouts," and also criticized those who call for windfall profit taxes on oil companies but ignore the Federal Reserve's "record profits." In fact, both Beck and Palin have previously expressed support for the 2009 Troubled Asset Relief Program (TARP), and Palin, while Alaska governor, increased taxes on oil companies operating in Alaska.
During his January 12 Fox News program, Glenn Beck claimed there was a "double standard" by Democratic politicians in attacking "windfall" profits from energy companies, but not criticizing what Beck described as the Federal Reserve's "windfall profits" over the past year. Beck did not mention that the Federal Reserve's profits will reportedly be returned to the U.S. Treasury, which The Washington Post described as "good news for the federal budget." Beck has previously highlighted the federal debt and deficit by suggesting that it would result in a "Venezuelan-style utopia wonderland" and stating that the American people are being "led to the slaughterhouse."
The Washington Post published in its news pages an article by The Fiscal Times -- "an independent digital news publication reporting on fiscal, budgetary, health-care and international economics issues" -- that promoted the creation of a task force to reduce the deficit in part through cuts to Medicare, Medicaid, and Social Security. But the Post did not disclose that the Times is funded by conservative billionaire Peter G. Peterson, whose organizations have long advocated reducing the deficit through entitlement cuts and have called for the creation of such a commission.
On Fox & Friends, guest host Peter Johnson Jr. said there is an "amazing disconnect" between White House economic advisers Christina Romer and Larry Summers over whether or not the recession is over, after he aired clips of Summers saying that "everybody agrees that the recession is over" and Romer saying that, in her mind, "of course" the recession is not over. However, Fox & Friends omitted the part of Romer's comments in which she said we've "reached" the end of the recession according to "the official definition," "at least in terms of GDP" -- a statement that is consistent with Summers' remarks.
From Premiere Radio Networks' The Rush Limbaugh Show:
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Fox News contributor Karl Rove asserted, "Since President Obama came to office, the federal deficit has grown by $1.46 trillion," falsely suggesting that Obama is responsible for the entirety of the increased deficit. In fact, the Congressional Budget Office, which calculated that the government recorded a $1.4 trillion deficit in fiscal 2009, projected before Obama took office that the deficit for fiscal 2009 would be $1.2 trillion.
From the December 8 edition of Premiere Radio Networks' The Glenn Beck Program:
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A graphic posted on FoxNews.com suggested that President Obama is responsible for all of the $3.5 trillion in federal outlays for Fiscal Year 2009. In fact, the Congressional Budget Office (CBO) has stated that "much" of the 2009 increase in spending "results from legislation enacted in calendar year 2008 in response to turmoil in the housing and financial markets-in particular, $133 billion for the Troubled Asset Relief Program (TARP) and $291 billion for the estimated costs of placing Fannie Mae and Freddie Mac into conservatorship."
The Fox Nation falsely attributed the entire fiscal year 2009 deficit to President Obama, using the headline "Obama Triples Budget Deficit to $1.4 Trillion" to link to an Associated Press article reporting on the Congressional Budget Office's (CBO) most recent budget review estimate. In fact, only a small portion of the fiscal year 2009 deficit is due to Obama's policies; in January, before he took office or signed any legislation, CBO projected that, based on policies set under President Bush and economic conditions at the time, the deficit for fiscal year 2009 would reach $1.2 trillion.