Uhh no because the revenues were being lost during that year. The analysis shows approximately 800 to 900B in deficit was leftover from Bush for 2010 FY and 2011 FY. Obama drastically increased discretionary spending. Revenues ALSO fell.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200
You can clearly see in 2007 the deficit was 168B. Revenues lost a total of about 450B, in addition there are approximately 200 to 300B in structural deficit that resulted from the recession due to increased spending.
450+160+300 = 910B if you use the 300B estimate which many say is HIGH.