Specifically, Axelrod is right about the surplus Bush began with, and the projected surplus at that point. Axelrod is very close on the deficit at the end of Bush's presidency, but there are two different ways to measure the 10-year projection when Bush left office. The CBO's estimate is $5 trillion lower than the White House numbers, though economists don't quibble with the White House methodology. So given that discussion, we'll take Axelrod down a notch to Mostly True.