2009 Government Profits--and Obama was President

From The Associated Press: Fed Posts Record Profit Of $46.1B For Last Year:

"January 12, 2010 The Federal Reserve made a record profit of $46.1 billion last year, reflecting money made off its extraordinary efforts to rescue the country from the worst economic and financial crisis since the 1930s, the central bank announced Tuesday.

"The windfall gets turned over to the Treasury Department.

"It marks the biggest profit on record dating back to 1914 when the Fed was created...

"The Fed says the bigger profit was primarily due to increased income from the securities it held last year (2009--Obama's time as president--emphasis mine.)

"Such income went up as the Fed's holdings of securities mushroomed.

"The Fed launched several securities-buying programs last year to help revive the economy. Its goal is to drive down rates on mortgages and other consumer debt.

"Under one program that ended last year, the Fed snapped up $300 billion worth of government debt. Under another program, the Fed is on track to buy $1.25 trillion in mortgage securities from Fannie Mae and Freddie Mac, and an additional $175 billion in debt issued by the mortgage giants. Those programs have boosted the value of securities held by the Fed.

"The Fed is funded from the interest earned on it vast portfolio of securities. It is not funded by Congress.

"After covering its expenses, the Fed gives what is left over to the Treasury Department."

So Obama, like the other Democratic president before him--Clinton--is on the way to balancing the budget.

Let's never forget Clinton gave Bush a balanced budeget that Bush immediately exploded into some of the largest deficits in our nation's history.