Politics

Obama Shatters Spending Record for First-Year Presidents

President Obama is shown here at the White House Nov. 24. (AP Photo)

President Obama is shown here at the White House Nov. 24. (AP Photo)

President Obama has shattered the budget record for first-year presidents -- spending nearly double what his predecessor did when he came into office and far exceeding the first-year tabs for any other U.S. president in history. 

In fiscal 2009 the federal government spent $3.52 trillion -- $2.8 trillion in 2000 dollars, which sets a benchmark for comparison. That fiscal year covered the last three-and-a-half months of George W. Bush's term and the first eight-and-a-half months of Obama's. 

That price tag came with a $1.4 trillion deficit, nearly $1 trillion more than last year. The overall budget was about a half-trillion more than Bush's for 2008, his final full fiscal year in office. 

Click here to read FOXBusiness.com's Elizabeth MacDonald describe what the interest on the debt can buy.

That's a big increase. But compared with other presidents' first years in office, Obama is running circles around them. 

Bush spent $1.8 trillion in 2001, according to government budget figures that have been adjusted for inflation based on 2000 dollars. Using the same formula, former President Bill Clinton spent $1.6 trillion in 1993. 

The last president to clock in under $1 trillion was Gerald Ford, who logged a $982 billion budget in 1975. Post-war Dwight Eisenhower even brought Uncle Sam's tab down to $556 billion in his first year, 1953. 

Obama's first-year budget, adjusted for inflation, is about five times that. His 2009 budget is also close to 21 percent of that for Clinton's eight years in office -- Clinton's spending added up to $13.5 trillion over his two full terms. Bush spent $16.8 trillion from 2001-2008.