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Romney Campaign Press Release - Real Change Starts On Day One: Debts And Deficits

November 03, 2012

"President Obama has spent years promising a new direction on our nation's debt and deficits. But after four years in office, the President still hasn't delivered and he's left a mountain of debt for the next generation to repay. And four more years of Barack Obama will mean more of the same, including a $20 trillion national debt. Starting on day one, Mitt Romney will deliver real change by cutting spending across the board and by finally putting our nation on a course toward a balanced budget." — Andrea Saul, Romney Campaign Spokesperson

President Obama Entered Office Claiming Trillion-Dollar Deficits Cannot Be "A New Norm" — But He's Allowed The Deficit And Debt To Skyrocket:

Under President Obama, The National Debt Has Reached $16.2 Trillion — An Increase Of Over $5.5 Trillion. (Department Of The Treasury, Accessed 11/1/12)

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 9/11/12; U.S. Census Bureau, Accessed 11/3/12)

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)

President Obama's FY2012 Budget Deficit Was $1.1 Trillion — "The Fourth Year Of Trillion-Dollar Deficits Under President Obama." "The government's fiscal 2012 has now come to a close and the score is in. The budget deficit for 2012 was $1.1 trillion, the fourth year of trillion-dollar deficits under President Obama. The nonpartisan Congressional Budget Office said Friday that the $1.1 trillion shortfall, based on Treasury statements, was about $200 billion less than in fiscal 2011." (Erik Wasson, "CBO Reports Deficit Was $1.1 Trillion In 2012," The Hill¸10/5/12)

FLASHBACK: Shortly After Taking Office, The Obama White House Projected The Federal Government Would Stop Running Trillion-Dollar Deficits In 2011 And Have A Budget Deficit Of Only $581 Billion By FY2012. ("A New Era Of Responsibility: Renewing America's Promise," Office Of Management & Budget, 2/26/09)

President Obama's First Budget, On Trillion-Dollar Deficits: "We Cannot See This As A New Norm. It Is An Extraordinary Response To An Extraordinary Crisis. " "While the Recovery Act has entailed increasing deficit spending—since that is the fastest and surest way to create jobs in a recession—we cannot see this as a new norm. It is an extraordinary response to an extraordinary crisis. So while this Budget will add to our national deficit in the short-term, the President is committed to cutting in half by the end of his first term in office the deficit he inherited on January 20, 2009." ("A New Era Of Responsibility: Renewing America's Promise," Office Of Management & Budget, 2/26/09)

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. (Office of Management and Budget, 7/27/12)

Starting On Day One, Mitt Romney Will Slash Federal Spending And Put Our Nation On Course To A Balanced Budget:

On Day One, Mitt Romney Will Send A Bill To Congress Cutting Non-Security Discretionary Spending By 5 Percent Across The Board. "Any turnaround must also stop the bleeding and reverse the most recent and dramatic damage: Send Congress a bill on Day One that cuts non-security discretionary spending by 5 percent across the board." (Romney For President Website, Accessed 11/3/12)

The Romney Plan Will Bring Federal Spending Below 20 Percent Of GDP. "Any turnaround must begin with clear and realistic goals. Optimistic projections cannot wish a problem away, they can only make it worse. As president, Mitt's goal will be to bring federal spending below 20 percent of GDP by the end of his first term:" (Romney For President Website, Accessed 11/3/12)

Mitt Romney, Romney Campaign Press Release - Real Change Starts On Day One: Debts And Deficits Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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