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Romney Campaign Press Release - Not Better Off: Another Trillion-Dollar Deficit

September 10, 2012

"President Obama's failure to lead has brought us to an unthinkable, fourth straight trillion-dollar deficit. Under the President's reckless spending policies, we've seen the financial burden on future generations grow, while the White House has ducked hard decisions on reining in our mounting debt and deficits. As president, Mitt Romney will take immediate action to cut spending and stop passing our bills on to the next generation." – Ryan Williams, Romney Campaign Spokesman

Today, The Congressional Budget Office Announced That The Federal Budget Deficit Has Exceeded $1 Trillion For The Fourth Straight Year:

The Nonpartisan CBO Has Reported That The FY2012 Deficit Stood At $1.17 Trillion.  "The nonpartisan Congressional Budget Office reported Monday that the 2012 budget deficit through August stands at $1.17 trillion." (Erik Wasson, "CBO: Deficit Now At $1.17 Trillion," The Hill, 9/10/12)

"This Is The Fourth Straight Year That The Deficit Will Exceed One Trillion Dollars, All Under President Obama." "It estimated that $192 billion was added to the deficit in August, crossing the symbolically important trillion-dollar threshold. This is the fourth straight year that the deficit will exceed one trillion dollars, all under President Obama." (Erik Wasson, "CBO: Deficit Now At $1.17 Trillion," The Hill, 9/10/12)

Under President Obama, The National Debt Has Surpassed $16 Trillion – An Increase Of More Than $5.4 Trillion. (Department Of The Treasury, Accessed 9/4/12)

  • Since President Obama Took Office, Every American's Share Of The National Debt Has Increased By $16,000. (Department Of The Treasury, Accessed 9/4/12)

"It's 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)

But It Wasn't Supposed To Be This Way – President Obama Promised To Cut The Deficit In Half And Slow The Mounting Debt:

President Obama, In 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)

  • "President Barack Obama Plans To Cut The U.S. Budget Deficit To $533 Billion By The End Of His First Term..." (Hans Nichols, "Obama Plans To Reduce Budget Deficit To $533 Billion By 2013," Bloomberg, 2/21/09)

Candidate Obama Claimed It Was "Unpatriotic" And "Irresponsible" To Add $4 Trillion To The National Debt. 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, Fargo, ND, 7/3/08)

And President Obama Failed To "Fix This" – He Ducked Hard Choices And Led To The Collapse Of A Grand Bargain On Debt And Deficits:

According To Bob Woodward, "Gaps" In President Obama's Leadership Led To The Collapse Of A "Grand Bargain" On Spending And Debt. "'Gaps' in President Obama's leadership contributed to the collapse of a 'grand bargain' on spending and debt last year, with the president failing to cultivate congressional relationships that may have helped him break through Republican opposition, author Bob Woodward told ABC News' Diane Sawyer." (Rick Klein, "Bob Woodward: 'Gaps' In President Obama's Leadership Contributed To Debt Deal Collapse," ABC News, 9/10/12)

President Obama Failed To Turn Relationships With Congress Into Action. "Woodward's reporting in his new book, 'The Price of Politics,' reveals a president whom he said lacked the 'stamina' in turning personal relationships with congressional leaders into action the way some of his predecessors have done." (Rick Klein, "Bob Woodward: 'Gaps' In President Obama's Leadership Contributed To Debt Deal Collapse," ABC News, 9/10/12)

Bob Woodward, On Whether President Obama Wasn't Ready For The Job Of President: "There's Evidence That There Are Gaps. ... He Did Not Fix This." "Asked if Obama simply wasn't ready for the job of being president, Woodward responded: 'I am not ducking this. I am weighing evidence, and there's evidence that he got on top of a lot of things, he did a lot of things. And there's evidence that there are gaps,' he said. 'He did not fix this.'" (Rick Klein, "Bob Woodward: 'Gaps' In President Obama's Leadership Contributed To Debt Deal Collapse," ABC News, 9/10/12)

Mitt Romney, Romney Campaign Press Release - Not Better Off: Another Trillion-Dollar Deficit Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/303064

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