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Press Release: Four Years Later, America Can't Afford Another Mountain Of Debt

October 03, 2012

Americans have a clear choice in addressing our nation's mounting debt and deficits. President Obama's failed policies have added over $5 trillion in new debt and run up four straight trillion-dollar deficits — and he's promising trillions in new debt if he's re-elected. Mitt Romney will implement immediate spending cuts and put our debt on a sustainable course to stop passing our bills on to the next generation." — Amanda Henneberg, Romney Campaign Spokesperson

President Obama Has Already Presided Over A Historic Increase In The National Debt And The First Trillion-Dollar Deficits — Four Of Them — In American History:

Under President Obama, The National Debt Has Surpassed $16 Trillion — An Increase Of $5.4 Trillion. (Department Of The Treasury, Accessed 10/1/12)

•         Every American's Share Of The National Debt Currently Stands At Over $51,000 — An Increase Of Over $16,000 Under President Obama. (Department Of The Treasury, Accessed 10/1/12; U.S. Census Bureau, Accessed 10/1/12)

In Fiscal Year 2012, The Federal Government Ran A Deficit Of $1.3 Trillion. "This past year's deficit of $1.3 trillion -- the fourth straight year that figure has topped $1 trillion -- is sure to be an issue in the Wednesday debate between President Obama and Republican challenger Mitt Romney." (David Jackson, "Obama Faces Trillion Dollar Deficits," USA Today, 10/1/12)

•         Fiscal Year 2012 Was The Fourth Straight Year The Nation Has Run A Trillion-Dollar Deficit — "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. The deficit in 2008 was $459 billion." (Erik Wasson, "CBO Says 2012 Deficit Has Reached $1.17T," The Hill, 9/10/12)

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)

The Current Debt-To-GDP Ratio Is "More Than 100%." "That brought the ratio of debt to GDP to more than 100%. The Congressional Budget Office estimated last month the budget deficit for the 2012 fiscal year, which ends Sept. 30, will be about $1.1 trillion." (Jim Puzzanghera, "Moody's Warns Of U.S. Credit Rating Cut If Debt Problems Continue," Los Angeles Times, 9/11/12)

And A Second Obama Term Will Deliver Even More, With The National Debt Projected To Surpass $20 Trillion By The End Of 2016:

Under President Obama's Policies, The National Debt Is Projected To Surpass $20 Trillion By The End Of 2016 — An Increase Of More Than $4 Trillion In New Debt. ("Fiscal Year 2013 Mid-Session Review: Budget Of The U.S. Government," Office Of Management And Budget, 7/27/12)

President Obama's Second-Term Debt And Deficits "Will Hurt The Economy In The Long Term" — Shrinking Economic Output And Reducing Access To Capital. "The nonpartisan Congressional Budget Office said Friday that President Obama's 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses. After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent." (Erik Wasson, "CBO Estimates Obama's 2013 Budget Plan Would Hit Economic Growth," The Hill, 4/20/12)

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

Mitt Romney, Press Release: Four Years Later, America Can't Afford Another Mountain Of Debt Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302882

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