Mayor Giuliani inherited a $2.3 billion deficit from his predecessor, David Dinkins. He left a $4.8 billion deficit for his successor, Michael Bloomberg. However, he has broadcast campaign advertisements in Iowa and other states, asserting that he “turned a $2.3 billion deficit into a multibillion dollar surplus.” Michael Cooper: Giuliani Boasts of Surplus; Reality Is More Complex, New York Times, August 25, 2007