Unpatriotic Debt

PROMISE: In 2008, Obama Promised A “Net Spending Cut” To The Federal Budget By Going “Through The Federal Budget Line By Line, Page By Page.” OBAMA: “But there is no doubt that we’ve been living beyond our means and we’re going to have to make some adjustments. Now, what I’ve done throughout this campaign is to propose a net spending cut.” (Third Presidential Debate, Hempstead, NY, 10/15/08)

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.” ( Third Presidential Debate, Hempstead, NY, 10/15/08) 

BROKEN: 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) 

In 2008, Obama Said Adding $4 Trillion To The National Debt Was “Irresponsible” And ”Unpatriotic.” OBAMA: “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.” (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08) 

Since Obama Took Office, The National Debt Has Increased By Over $5.0 Trillion, An Increase Of Over 47 Percent. (U.S. Treasury Department, Accessed 5/11/12) 

THEN:

In 2004, Obama Said The “Monstrous Federal Deficit” Was “An Enormous Problem.” MODERATOR: “The clock is ticking and that leads to the question about this monstrous federal deficit, is it a problem? Is it a threat to the future of America’s children? Or is it not a problem? Senator Obama?” OBAMA: “I think it’s an enormous problem.”MODERATOR: “What are you going to do specifically either to cut it or to raise, either to stop spending or to raise revenues?” OBAMA: “I think it is an enormous problem; this has been the most fiscally irresponsible administration in certainly my memory. We have gone from trillion dollar surpluses to trillion dollar deficits in the blink of an eye. Not all of those costs are the fault of the administration, obviously 9/11 occurred and the decline in the economy. But what is also true is that it was aided and abetted by a set of fiscal policies that I think were on the wrong course.” (Sen. Barack Obama, Illinois Senate Debate, 10/12/04)

• In 2004, The Deficit Was $413 Billion. “Democrats are blaming President Bush for the record 2004 federal deficit of $413 billion, but Republicans say the figure shows that the economic and budget pictures are brightening.” (“Government Says 2004 Deficit Was Record $413 Billion,” The Associated Press, 10/14/04)

NOW:

President Obama Has 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)

• 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)
• 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)
• 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)
• The CBO Projects The Deficit At The End Of Obama’s First Term Will Be $1.253 Trillion, Obama’s Fourth Straight Trillion Deficit. (“An Anlysis Of The President’s 2013 Budget,” Congressional Budget Office, 3/16/12)

According To A CBO Report, Obama’s Policies Will Result in $6.4 Trillion In Deficits In The Next Ten Years. “The Congressional Budget Office said Friday that President Barack Obama’s tax and spending policies will yield $6.4 trillion in deficits over the next decade, more than double the shortfall in CBO’s own fiscal baseline - even after taking credit for reduced war costs.” (David Rogers, “CBO: Exploding Debt Under Obama,” Politico, 3/16/12)

Former Comptroller David Walker Takes Obama To Task For Zero Vote Budgets

On CNBC’s “Closing Bell” Maria Bartiromo asks Gene Sperling why the WH has not passed a budget

Last night, DNC Chair Debbie Wasserman Schultz insisted that it was “simply not true” that Senate Majority Leader Harry Reid has refused to bring a budget to the Senate floor. Maybe she should have checked to see what Reid actually said: he doesn’t plan to bring a budget to the floor this year and the White House is just fine with that.

In February, Sen. Reid Said “We Do Not Need To Bring A Budget To The Floor This Year.” “Senate Democratic leaders on Friday said they do not intend to bring a fiscal 2013 budget up for a floor vote. ‘We do not need to bring a budget to the floor this year - it’s done, we don’t need to do it,’ Senate Majority Leader Harry Reid (D-Nev.) told reporters on Friday.” (Vicki Needham, “Reid: This Year’s Budget Is Done,” The Hill’s “On The Money,” 2/3/12)

Senate Democrats Have Not Passed A Budget For 1,072 Days, Since April 29, 2009. (S. Con. Res. 13, Roll Call 173; D 53-3, R 0-40, I 2-0, 4/29/09)

• Only 51 Votes Are Required For A Budget To Pass. “Republicans jumped on Mr Lew, pointing out that under Congress’ budget procedure, a budget resolution cannot be filibustered and thus only needs a simple majority vote - typically 51 votes - to pass.” (“Why The Senate Hasn’t Passed A Budget,” The Economist’s “Free Exchange,” 2/15/12)

White House Press Secretary Jay Carney Says The White House Has “No Opinion” On Whether The Senate Should Pass A Budget. ABC NEWS’ JAKE TAPPER: “The White House has no opinion about whether or not the Senate should pass a budget? The president’s going to introduce one. The Fed chair says not having one is bad for growth. But the White House has no opinion about whether - ” JAY CARNEY: “ I have no opinion - the White House has no opinion on Chairman Bernanke’s assessment of how the Senate ought to do its business.” (White House Press Briefing, 2/8/12)

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