Nightfall in America - WSJ.com The reason for these rising deficits is the huge increases in federal spending--the intended growth of the federal government--that Congress and the president are pushing. The deficit in 2007 was $160 billion. In the next year the Pelosi-Reid Congress took it up to $458 billion, and when President Obama came into office in 2009 it hit $1.4 trillion. The current 2010 projected deficit is $1.6 trillion, which will lead to a tripling of our national debt from 2008 to 2020. It isn't even possible to put a math equation together to pay the debt down in the next ten years. Biggest government of all time; and biggest spending agenda in U.S. history. For those that like to deflect the spending issue back to the Bush Administration, consider this little detail: Michael Boskin, chairman of the Council of Economic Advisers under the first President Bush, noted in The Wall Street Journal last week that President Obama will have added more debt in his first two years in office than George W. Bush did in eight years. spending/stockpiling debt at a rate of 4X that of Bush II.