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__America 2005-2009: A Time of Spending __ During Bush's second term and Obama's first term, many events occured that led to massive federal spending increases. These events both foreign and domestic added to the national debt and created dangerously large deficits. This spending affected everyone as the country fell into financial crisis with both a housing bubble and a recession. As government's wild spending increased, people brought their disapproval to the polls to vote for a change in the normal system.