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At Hofstra University Four Years Ago Obama Promised to Cut the Deficit

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FISCAL DISCIPLINE

PROMISE: Obama Promised A Net Spending Cut By
Going “Line By Line” Through The Federal Budget And Eliminating
Programs That Don’t Work

Obama Promised A Net Spending Cut. OBAMA: “Now, what I’ve done throughout this
campaign is to propose a net spending cut.” (Sen. Barack Obama, Remarks During The Third Presidential Debate,
Hempstead, NY, 10/15/08)

Obama Claimed He Would Match Every Dollar Of
Spending With An Additional Cut.
OBAMA: “Every dollar that I’ve proposed, I’ve proposed an
additional cut so that it matches.” (Sen. Barack Obama, Remarks During The Third Presidential Debate,
Hempstead, NY, 10/15/08)

Obama Promised To Go Through The Federal
“Budget Line By Line, Page By Page” And “Eliminate A Whole Host
Of Programs That Don’t Work.”
OBAMA: “We need to eliminate a whole host of programs that
don’t work. And I want to go through the federal budget line by line, page by
page, programs that don’t work, we should cut. Programs that we need, we should
make them work better.” (Sen. Barack Obama, Remarks During The Third Presidential Debate,
Hempstead, NY, 10/15/08)

BROKEN: Obama Racked Up Four Consecutive
Trillion Dollar Deficits And Increased Spending By 20 Percent

“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
    Had Already Racked Up The Three Largest Deficits In U.S. History.
    “The U.S budget deficit for fiscal year 2011 is
    $1.299 trillion, the second largest shortfall in history. The nation only
    ran a larger deficit for the 2009 fiscal year, which included the dramatic
    collapse of financial markets and a huge bailout effort by the
    government.” (Erik Wasson, “Treasury Announces 2011 Deficit Is
    Second Highest In History,” The Hill‘s “On
    The Money”
    , 10/14/11)

The CBO Estimates That The Federal Budget
Deficit Was About $1.1 Trillion In Fiscal Year 2012.
(“Monthly Budget Review: Fiscal Year
2012,” Congressional Budget Office, 10/5/12)

  • FY2009:
    The Federal Budget Deficit Was $1.413 Trillion, The Highest In U.S.
    History.
    (“Monthly Budget Review:
    November 2011,” Congressional Budget Office, 11/7/11)

  • FY2010:
    The Federal Budget Deficit Was $1.294 Trillion, The Third Highest In U.S.
    History.
    (“Monthly Budget Review:
    November 2011,” Congressional Budget Office, 11/7/11)

  • FY2011:
    The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S.
    History.
    (“Monthly Budget Review:
    November 2011,” Congressional Budget Office, 11/7/11)

Federal Outlays Have Increased By 20.4 Percent Since
Obama Took Office.
The federal government
spent $3.1 trillion in FY2008 in inflation adjusted dollars. Under Obama, in
FY2012 the federal government spent $3.8 trillion dollars.(“Table 1.3 -
Summary Of Receipts, Outlays And Surpluses Or Deficits In Current Dollars,
Constant (FY2005) Dollars, And As Percentages Of GDP: 1940-2016,” Office Of Management And Budget, Accessed
5/16/12; “Budget Of The United States Government, Fiscal Year 2013,” Office Of Management And Budget, 2/13/12)

  • Obama
    Proposed FY2013 Budget Calls For Increasing Government Spending Well Above
    Historical Norms.
    From 1969
    To 2008 The Federal Government Spent An Average Of 20.6 Percent Of GDP,
    Obama’s Proposed FY2013 Budget Calls For Spending 22.8 Percent Of GDP By
    FY2022. (“Table 1.2 – Summary Of Receipts, Outlays And Surpluses Or
    Deficits As Percentages Of GDP: 1930-2016,” Office Of Management And Budget, Accessed
    5/16/12; “Budget Of The United States Government, Fiscal Year
    2013,” Office Of Management And Budget, 2/13/12)

“Government Spending As A Share Of The Economy
Has Hovered Around 24% During The Obama Administration…Elevated From The
Historical Average Of 20.7% Over The Past 40 Years.”
“Government spending as a share of the
economy has hovered around 24% during the Obama administration, several
percentage points higher than under President Bush, according to Congressional
Budget Office data. It’s also elevated from the historical average of 20.7%
over the past 40 years.” (Tami Luhby, “Did Obama Really Make
Government Bigger?” CNN Money, 1/25/12)

The Washington Post ‘s Fact Checker: Obama’s Spending “Has
Hit Highs Not Seen Since The End Of World War II – Completely The Opposite Of
The Point Asserted By Carney.”
“In the post-war era, federal
spending as a percentage of the U.S. economy has hovered around 20 percent,
give or take a couple of percentage points. Under Obama, it has hit highs not
seen since the end of World War II – completely the opposite of the point
asserted by Carney. Part of this, of course, is a consequence of the recession,
but it is also the result of a sustained higher level of spending.”(Glenn
Kessler, “The Facts About The Growth Of Spending Under Obama,” The Washington Post’s The
Fact Checker
, 5/25/12)

  • Politifact:
    “As A Percentage Of Gross Domestic Product … Discretionary Spending
    Under Obama Reached Its Highest Level In About Two Decades …”
    “As a percentage of gross domestic product –
    which is a measure of the nation’s economy — discretionary spending under
    Obama reached its highest level in about two decades, according to figures
    released by the White House’s Office of Management and Budget.” (Bill
    Wichert, “Cory Booker Claims Obama Has Overseen Nation’s ‘Lowest
    Discretionary Spending We’ve Had In Decades’,” Politifact, 5/28/12)

PROMISE: Obama Said That Washington Would Set An
Example For The American People About How To Manage Their Budgets And Borrow
Responsibly

Obama Warned That “We’re Not Going to Be
Able To Go Back To Our Profligate Ways” And Should “Embrace A Culture
And Ethic Of Responsibility.”
OBAMA: “But what is absolutely true is that, once we get
through this economic crisis and some of the specific proposals to get us out
of this slump, that we’re not going to be able to go back to our profligate
ways. And we’re going to have to embrace a culture and an ethic of
responsibility, all of us, corporations, the federal government, and
individuals out there who may be living beyond their means.” (Sen. Barack
Obama, Remarks During The Third Presidential Debate,
Hempstead, NY, 10/15/08)

BROKEN: Obama Has Racked Up More Debt Than Any
Other President

The National Debt Is Now $16.2 Trillion Dollars.
(US Department Of The
Treasury, TreasuryDirect.gov, Accessed 10/15/12)

Since Obama Took Office, The National Debt Has
Risen By $5.5 Trillion, An Increase Of Over 52 Percent.
(US Department Of The Treasury, TreasuryDirect.gov, Accessed 10/15/12)

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
    Is Responsible For “The Most Rapid Increase In The Debt Under Any
    U.S. President.”
    “The
    latest posting by the Treasury Department shows the national debt has now
    increased $4 trillion on President Obama’s watch. The debt was $10.626
    trillion on the day Mr. Obama took office. The latest calculation from
    Treasury shows the debt has now hit $14.639 trillion. It’s the most rapid
    increase in the debt under any U.S. president.” (Mark Knoller,
    “National Debt Has Increased $4 Trillion Under Obama,” CBS News, 8/22/11) 




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