"Reagan proved deficits don't matter," Vice President Cheney said in 2002

"Reagan proved deficits don't matter," Vice President Cheney said in 2002 when pushing for a fresh round of tax cuts. With this attitude in hand, Bush passed on a budgetary nightmare to his successor.

Bush came into office with an advantage few presidents have enjoyed -- a $230 billion surplus. But due to a $1.35 trillion tax cut in 2001, a $1.5 trillion tax cut in 2003, and a massive defense buildup through the Iraq and Afghanistan wars, Bush quickly blew through that surplus.

George W Bush initiated tax cuts during a time of war and a floundering economy.

The tax cuts passed during the Bush presidency reduced the government revenue collections by $231 billion in 2009; one has to account for the additions to the federal debt due to Bush administration policies, therefore the government will have to make $218 billion more in interest payments in 2009.

Prosecuted two foreign wars and adopting other programs without paying for them.

The total economic impact of the wars in Iraq and Afghanistan is estimated at $1.6 trillion by 2009.

Remember, 6 of the 8 George W. Bush years measured at the start of each congress, Congress was controlled by the GOP.

Budget deficits swelled under Bush because his supply-side tax policies slashed revenues while failing to deliver strong economic performance.

When former president George W. Bush left office in 2008 there was a $1.5 trillion budget deficit.