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Romney Campaign Press Release - It Didn't Work: Trillion-Dollar Deficits & Soaring Debt

July 30, 2012

"When President Obama claimed his policies have 'worked,' he must have forgotten about his reckless spending that has given us trillion-dollar deficits and soaring debt. His liberal policies may have grown the size of government, but they haven't gotten middle-class Americans back to work. From Day One, Mitt Romney will implement policies that actually work to jumpstart the economy and cut wasteful spending." —Amanda Henneberg, Romney Campaign Spokesperson

Last Week, President Obama Claimed His Economic Policies Have "Worked":

President Obama: "We Tried Our Plan -- And It Worked." OBAMA: "Just like we've tried their plan, we tried our plan — and it worked. That's the difference. That's the choice in this election. That's why I'm running for a second term." (President Barack Obama, Remarks, Oakland, CA, 7/23/12)

But President Obama's Policies Haven't "Worked" — They Produced Four Consecutive Trillion-Dollar Deficits And Over $5 Trillion In New Debt:

The White House Announced The "Budget Deficit Will End Up At $1.2 Trillion" For 2012 — The "Fourth Consecutive Year Of Trillion Dollar-Plus Deficits." "The latest budget figures from the White House predict this year's federal budget deficit will end up at $1.2 trillion. That would make the fourth consecutive year of trillion dollar-plus deficits during President Obama's administration." (Andrew Taylor, "Administration Projects $1.2T 2012 Budget Deficit," The Associated Press, 7/27/12)

Since President Obama Took Office, The National Debt Has Surpassed A Record $15.8 Trillion — An Increase Of More Than $5.2 Trillion. (Department Of The Treasury, www.treasurydirect.gov, 7/4/12)

  • Every American's Share Of The National Debt Has Increased By Approximately $16,000 Under President Obama. (Department Of The Treasury, www.treasurydirect.gov, 7/4/12)

President 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)

FLASHBACK: President Obama, In February 2009: "Today I'm Pledging To Cut The Deficit We Inherited In Half By The End Of My First Term In Office." OBAMA: "[T]oday I'm pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we've long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control." (President Barack Obama, Remarks, Washington, D.C., 2/23/09)

And President Obama Is Just Getting Started — His Policies Will Result In Trillions Of Dollars In Future Deficits:

President Obama's Policies Will Result In $6.4 Trillion In Deficits Over 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)

Politico Headline: "CBO: Exploding Debt Under Obama Policies" (David Rogers, "CBO: Exploding Debt Under Obama Policies," Politico, 3/16/12)

Mitt Romney, Romney Campaign Press Release - It Didn't Work: Trillion-Dollar Deficits & Soaring Debt Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302395

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