Lifted from Think Progress:

Today, the Office of Management Budget projected a $296 billion federal deficit for fiscal year 2006. Bush held a press conference arguing that this is a vindication of his economic policies. Actually, it would be the fourth largest deficit of all time. Here’s the top five: 1. 2004 (George W. Bush) $413 billion 2. 2003 (George W. Bush) $378 billion 3. 2005 (George W. Bush) $318 billion 4. 2006 (George W. Bush) $296 billion (projected) 5. 1992 (George H. W. Bush) $290 billion When President Bush came into office, he inherited a surplus of $284 Billion. At that time, the Bush administration predicted a $516 billion surplus for 2006. The fact that Bush now considers a $296 billion deficit an occasion to celebrate shows how far we’ve fallen.