In a press conference announcing that Arnie Duncan would step down as Education Secretary, Obama slipped in another one of his well-worn, half-truths about the budget deficit. As he has done before, he claimsed that he had reduced the deficit by two-thirds since taking office. Well, he's right. He did cut the deficit -- the one he created with massive spending -- by two-thirds.
In George Bush's last year in office, the deficit was historically high at $458 billion; up from his second-to-last-year's deficit of just $160.7 billion. Then Obama took office, and in his first year, with the stimulus and the $400 billion loss in tax receipts due to the recession, the deficit zoomed to $1.4 "trillion". That's more than 3 times the amount as when Bush left office, and nearly 9 times higher than Bush's pre-recession deficit of $160 billion. In the next three years, the deficit was $1.3 trillion, $1.3 trillion, and then $1.1 trillion. This year, it is estimated to be $582 billion; or roughly two-thirds -- and I mean "roughly" -- less than the $1.4 trillion created in Obama's first year, but still higher than when Bush left office; and certainly 3.6 times higher than Bush's pre-recession, second to last year in office.
Obama is a master at taking facts out of context in order to ingratiate himself with the public.
Obama: “Since I Took Office We’ve Cut The Deficit By 2/3.”: http://www.politicususa.com/2015/02/02/obama-drops-truth-bomb-gop-since-office-cut-deficit-23.html
Tax Policy Center: Historical Federal Receipts, Outlays, and Deficits: http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200