Obama Said “$5 Trillion Is A Lot Of Money, Even In Washington”

Today, Obama Said “Five Trillion Dollars Is A Lot Of Money, Even In Washington.” OBAMA: “Now keep in mind, five trillion dollars is a lot of money, even in Washington. Our entire defense budget is a little over half a trillion dollars a year so this tax cut would be like giving the equivalent of the entire defense budget in tax cuts, a lot of it going to very rich people, every year for ten years.” (President Barack Obama, Remarks At A Campaign Event, Dubuque, IA, 8/15/12)

BY HIS OWN DEFINITION, OBAMA HAS ADDED “A LOT OF MONEY” TO OUR DEBT

Since Obama Took Office, The National Debt Has Increased By Nearly $5.3 Trillion, An Increase Of Over 49 Percent. (U.S. Treasury Department, Accessed 8/15/12)

• Politifact: “Obama Is The Undisputed Debt King Of The Last Five Presidents.” “So by this measurement — potentially a more important one — Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi’s chart suggested.” (Louis Jacobson, “Nancy Pelosi Posts Questionable Chart On Debt Accumulation By Barack Obama, Predecessors,” Politifact, 5/19/11)

• The Current U.S. National Debt Is $15,915,547,390,140. (U.S. Treasury Department, Accessed 8/15/12)

FY2009: The Federal Budget Deficit Was $1.413 Trillion, The Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)

FY2010: The Federal Budget Deficit Was $1.294 Trillion, The Third Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)

FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)

FY2012: The OMB Predicts The Deficit Will Be $1.211 Trillion, The Fourth Highest In U.S. History. (Office Of Management & Budget, “Mid-Session Review: FY2013,” The White House, 7/27/12)