This is because there was a lot of TARP spending in BushÂs last fiscal year (FY2009), which created an artificially high benchmark. And then repayments by banks during ObamaÂs fiscal years counted as negative spending.
When you subtract out the big TARP spending surge, as well as the repayments, then Bush 43 doesnÂt look quite as bad (though still worse than Carter and Clinton), while Obama takes a big fall.
So, we're GIVING Dubya credit for TARP? Seriously?
Think about it.