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Romney Campaign Press Release - We Can't Afford Four More Years Of Job-Destroying Debt

November 01, 2012

"Over the last four years, President Obama has run up trillions of dollars in new debt that the next generation will be forced to repay. This week, the Obama Administration confirmed we'll need yet another debt ceiling hike shortly after the election. Middle-class Americans and job creators can't afford four more years like the last four years. As president, Mitt Romney will deliver real change by cutting wasteful spending and putting our nation on the path toward a balanced budget." — Andrea Saul, Romney Campaign Spokesperson

This Week, The Obama Administration Projected That The Nation Will Need Yet Another Debt Ceiling Increase In The Months After The Election:

The Treasury Department Has Projected The Government Will Hit The Current Debt Limit In The Months After The Election. "U.S. Treasury officials say they still expect the government will hit the current debt borrowing limit at the end of this year." (Martin Crutsinger, "Treasury Says Debt Limit Will Be Hit By Late 2012," The Associated Press, 10/31/12)

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 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)

It Wasn't Supposed To Be This Way — President Obama Promised To Cut The Deficit In Half And Rein In Our Skyrocketing National 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 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 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)

What Will A Second Obama Term Deliver? A $20 Trillion National Debt And A 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)

  • American Enterprise Institute Has Calculated That The Annual Cost Of President Obama's Current And Looming Debt Burden Amounts To $4,000 Per Year In Higher Taxes On The Middle Class. "In a new paper, AEI's Matt Jensen looks at the real annual cost of servicing the debt for households at various levels of income — including a potentially higher tax burden. As the table below illustrates, a household making between $100,000 and $200,000 a year could find its tax liability higher by roughly $2,400 every year. Over ten years, that works out to $24,000. And when you add in the debt already accrued the past four years under President Obama (the second table), that's another $1,600 a year. So now we are now talking about $4,000 a year, $40,000 over ten years." (James Pethokoukis, "Study: Obama's Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike," American Enterprise Institute, 10/2/12)

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)

And Even President Obama Has Recognized That Our Mounting National Debt Is A Looming Threat For Job Creators And The U.S. Economy:

According To The National Federation Of Independent Business, "Small-Business Owners Are Alarmed By The Precipitous Increase Of Our National Debt And Deficit." DANNER: "Equally important, small-business owners are alarmed by the precipitous increase of our national debt and deficit. They know that you can't keep a business running if you keep spending your way into oblivion and they wonder why the government can't operate more like a business. Electing leaders who understand our nation's debt and spending crisis and who put forth viable solutions to reduce the burden on future generations is very important to the small-business community." ("Protecting America's Small Business Owners: Interview With NFIB President Dan Danner," The Washington Times, 9/2/12)

President Obama: "If We Keep On Adding To The Debt ... At Some Point, People Could Lose Confidence In The U.S. Economy In A Way That Could Actually Lead To A Double-Dip Recession." OBAMA: "It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession."(Fox News, "Interview With Major Garrett," 11/18/09)

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

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