October 25, 2010 - File this under "Duh."

In 2001, when George W. Bush took office and Republicans controlled Congress, the budget was essentially balanced and the total national debt was about $5.8 trillion. Washington has run an annual deficit every year since. Over Bush's first six years, when Republicans controlled the White House and Congress, the debt rose by about $3.2 trillion. Over the last two years of the Bush administration, when Democrats controlled Congress, the debt rose by another $2.9 trillion. So over the eight-year Bush administration, the debt more than doubled, rising by a total of $6.1 trillion.

Obama, in his first two years, has added about $3.2 trillion more to the national debt. There are plenty of caveats. The pace of debt expansion under Obama is obviously faster, but that's due to the stimulus and to a shrinking economy that still hasn't regained all the ground lost since the recession began in late 2007. And both presidents passed programs with costs still to be tallied in the future. Still, any politician charging the other party with excessive spending could--and should--level the same accusation at his own party. Republicans and Democrats alike are addicted to spending money they don't have.

Rick Newman, US News and World Report

And while I'm at it:

This is still one of my favorite sites to separate fact from fiction in political ads, emails, etc.:

politifact.com

Especially entertaining is the "pants on fire" section.