But Mr Johnson, who was made shadow chancellor two weeks ago, accused the government of being "deficit deceivers" who had peddled "myths" to the British public, including that the "biggest global economic crisis since the Great Depression is the fault of the previous government".

BBC: Spending cuts 'are reckless gamble' says Alan Johnson

President Obama is claiming both that the deficits saved the economy from the brink of depression and that the deficits were Bush's fault.

FORBES: Magazine Article