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Romney Campaign Press Release - We Can't Afford Four More Years Of Broken Promises On Our National Debt

October 25, 2012

"With less than two weeks left in the campaign, President Obama is promising, yet again, to fix our nation's debt in a second term. But what the President hasn't mentioned is his new debt plan looks a lot like his old plan, which delivered $5.5 trillion in new debt and four straight trillion-dollar deficits. Americans simply can't afford four more years like the last four years. As president, Mitt Romney will stop ducking the hard choices on our nation's spending and finally put us on a course for a balanced budget." — Amanda Henneberg, Romney Campaign Spokesperson

With Less Than Two Weeks Left In The Campaign, President Obama Is Pledging Yet Again To Control Our Debt:

President Obama Has Pledged To Pursue A "Grand Bargain" On Controlling Our Nation's Debt In A Second Term. "In an interview made public Wednesday, Obama said he would pursue a 'grand bargain' with Republicans to tame the national debt and would quickly follow that with a push to overhaul the nation's immigration laws. With less than two weeks until Election Day, Obama chose to highlight two issues that have bedeviled him during his presidency: the debt, which has soared past $16 trillion on his watch, and immigration legislation, which never got off the launching pad over the past three years." (Lori Montgomery and Peter Wallsten, "Obama Says He'll Renew Pursuit Of 'Grand Bargain,' Offering Specifics On Agenda," The Washington Post, 10/24/12)

This Isn't The First Time President Obama Has Made A Promise To Fix Our Nation's Debt And Deficits:

Candidate Obama, On The State Of The National Debt In 2008: "That's Irresponsible. It's 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, Fargo, ND, 7/3/08)

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 Obama, In 2010: "I'll Spend The Next Year Making The Tough Choices Necessary To Further Reduce Our Deficit And Lower Our Debt..." OBAMA: "And once the bipartisan fiscal commission finishes its work, I'll spend the next year making the tough choices necessary to further reduce our deficit and lower our debt, whether I get help from the other side or not." (President Barack Obama, Remarks, Parma, OH, 9/8/10)

But What Has President Obama Delivered? He Ignored His Own Deficit Commission's Grand Bargain And Ran Up The Most Rapid Increase In Debt In History:

"A Year After Appointing A Bipartisan Commission To Recommend Ways To Deal With The Debt, Obama Would Bypass Almost All Of Its Painful Prescriptions..." "A year after appointing a bipartisan commission to recommend ways to deal with the debt, Obama would bypass almost all of its painful prescriptions to cut huge benefit programs like Social Security and Medicare." ("Obama's Proposed Budget: Some Cuts, But Not The Slashes Republicans Request," The Associated Press, 2/14/11)

Under President Obama, The National Debt Has Reached $16.2 Trillion — An Increase Of $5.5 Trillion. (Department Of The Treasury, Accessed 10/25/12)

  • 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 10/25/12; U.S. Census Bureau, Accessed 9/11/12)

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)

And What Would A Second Obama Term Deliver? A $20 Trillion National Debt And A So-Called Deficit Plan That Doesn't Add Up:

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)

The Washington Post's Glenn Kessler: "The Repeated Claim That Obama's Budget Reduces The Deficit By $4 Trillion Is Simply Not Accurate. ... Virtually No Serious Budget Analyst Agreed With This Accounting."(Glenn Kessler, "Fact Checking Bill Clinton's Speech And Other Democrats At The Convention In Charlotte," The Washington Post, 9/6/12)

Mitt Romney, Romney Campaign Press Release - We Can't Afford Four More Years Of Broken Promises On Our National Debt Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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