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Subprime Mortgage Crisis
Savings Deficit National bank failure caused houses throughout the USA to quickly lose value. Lots of houses were foreclosed on and homeowners struggled to refinance their homes.
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Emergency Economic Stabilization Act of 2009
Budget Deficit President Bush signs this act into a law, allowing the treasury to buy up $700 billion mortgage-backed securities and other troubled assets from the country’s banks. This was a response to the Subprime Mortgage Crisis. This was a part of the 2009 fiscal year and resulted in a $407 billion deficit.
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Credit Rating Downgrade
Budget Deficit The USA had too much debt that credit rating agencies began to decline customers. Company, S&P, stated that the USA needed to raise the debt ceiling and think of a plausible plan of action to lower the nation’s debt.
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113th Congress
Leadership Deficit The 113th Congress was one of the least productive Congressional sessions the US has ever seen as well as the Congress with the lowest approval rating ever recorded. It was a result of the gridlock between a Democratic controlled Senate and a Republican controlled House.
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Affordable Care Act (Obamacare)
Leadership Deficit Obama is ensuring that America is covered by Medicaid and Medicare costs a lot of money but the Affordable Care Act has done a lot to balance this healthcare spending. Obamacare is predicted to decrease the federal debt by over $200 billion over the first 10 years, and decrease by $1 trillion over 2 decades.
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War in Iraq
Trade and Leadership Deficit Americans thought Saddam Hussein was hiding weapons of mass destruction to use on the USA, but after invasion, no such weapons were found.Because of the lack of WMD’s war supporters said the war should continue to spreading democracy in the region, make the USA safer, and secure oil. (2003-2016)
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