One area the Obama campaign is repackaging is the debt acquired in the past four years:
THE REPACKAGING: "Cutting The Deficit By More Than $4 Trillion. We must return to the principles that made America great, rewarding hard work and responsibility. By eliminating special loopholes and tax breaks that benefit big business and the wealthiest - as part of a balanced deficit reduction plan that also cuts spending we can't afford - we can grow our economy without burdening our children and grandchildren with debt." (Obama For America, " The New Economic Patriotism," October 2012)
Four Straight Years Of Trillion Dollar Deficits
THE REALITY: In 2009, Obama "Promised To Cut The Deficit In Half By The End Of His First Term, But Deficits Have Instead Remained At Eye-Popping Levels…" "Obama inherited an economy in recession and a deficit in excess of $1 trillion. He promised to cut the deficit in half by the end of his first term, but deficits have instead remained at eye-popping levels, including a record $1.4 trillion deficit in 2009 and deficits of $1.3 trillion in each of the past two years. The 2012 deficit was 7 percent of the size of the economy, an unsustainably high level." (Andrew Taylor, "CBO Tallies 2012 Deficit At $1.1T," The Associated Press, 10/5/12)
"This Is The Fourth Straight Year That The Deficit Will Exceed One Trillion Dollars, All Under President Obama." (Erik Wasson, "CBO Says 2012 Deficit Has Reached $1.17T," The Hill, 9/10/12)
Obama Will Fall "Far Short Of His Goal To Halve The Deficit In Four Years." "President Obama's proposed 2013 budget will forecast a $901 billion deficit for next year, falling far short of his goal to halve the deficit in four years." (Richard Wolf, "Obama Budget To Miss Deficit Goal," USA Today's "The Oval," 2/10/12)
The Congressional Budget Office Estimated The FY 2012 Budget Deficit At $1.1 Trillion, "The Fourth Straight Year Of Trillion Dollar Deficits On President Barack Obama's Watch." "A new estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama's watch. The result was a slight improvement from the 2011 deficit of $1.3 trillion. The bleak figures from the Congressional Budget Office, while expected, add fodder for the heated presidential campaign, in which Obama's handling of the economy and the budget is a main topic." (Andrew Taylor, "CBO Tallies 2012 Deficit At $1.1T," The Associated Press, 10/5/12)
Obama Is The Undisputed Debt King
THE REALITY: The National Debt Is Now $16.2 Trillion ($16,196,052,388,163.26). (US Department Of The Treasury, TreasuryDirect.gov, Accessed 10/22/12)
Since Obama Took Office, The National Debt Has Risen $5.6 Trillion, An Increase Of Over 52 Percent. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 10/22/12)
Obama Is "The Undisputed Debt King Of The Last Five Presidents." "So by this measurement -- potentially a more important one -- Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi's chart suggested." ("Nancy Pelosi Post Questionable Chart On Debt Accumulation By Barack Obama, Predecessors," Politifact, 5/19/11)
Obama's $4 Trillion Deficit Reduction Doesn't Work
Co-Chairs Of Obama's Fiscal Commission Erskine Bowles And Alan Simpson On Obama's $4 Trillion Target: "Unfortunately, His Proposal Falls Short Of This Goal …" "We are encouraged that President Obama has embraced the goal of stabilizing the debt and the target of achieving at least $4 trillion in deficit reduction. Unfortunately, his proposal falls short of this goal by counting war savings that were already planned; and while it does (barely) stabilize the debt, it does so at a dangerously high level and with no margin for error. We are disappointed, too, that the president did not address the long-term solvency of Social Security." (Alan Simpson And Erskine Bowles, Op-Ed, "Go Big, Be Bold, Be Smart," The Washington Post , 10/2/11)
The Washington Post' s Glenn Kessler: "The Repeated Claim That Obama's Budget Reduces The Deficit By $4 Trillion Is Simply Not Accurate. … Virtually No Serious Budget Analyst Agreed With This Accounting." (Glenn Kessler, "Fact Checking Bill Clinton's Speech And Other Democrats At The Convention In Charlotte," The Washington Post's " The Fact Checker ," 9/6/12)
Independent Budget Experts Say Obama's Debt Plan Falls Short Of Its Claimed $4 Trillion In Savings. "President Obama projects that his new plan for reducing the federal debt will save more than $3 trillion over the next decade by raising taxes on the wealthy and slashing spending on a host of government programs, from farm subsidies to federal worker pensions. But independent budget experts said the blueprint that Obama unveiled Monday - which White House officials say would save more than $4 trillion when added to earlier budget deals this year - appears to fall short of his target." (Lori Montgomery And Jia Lynn Yang, "Budget Analysts Say Obama Deficit Plan Is Likely To Miss Its Targets," The Washington Post , 9/19/11)
