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Is The Debt King Listening?

RNC Communications - May 31, 2012

Tomorrow, Obama will visit Minnesota where he will deliver remarks at Honeywell, but perhaps he should read what Honeywell’s CEO has to say about the national debt first. David Cote, who was also a member of Obama’s fiscal commission, has encouraged the nation to become serious about its fiscal problems and reign in the debt to avoid another recession and boost the economy long-term. Is the debt king listening?

Honeywell CEO David Cote Has Been Critical Of The Nation’s Rapidly Increasing Debt

Honeywell CEO David Cote Was A Member Of President Obama’s National Commission On Fiscal Responsibility And Reform. (“Commission Members,” FiscalCommission.gov, Accessed 5/30/12)

Honeywell CEO David Cote Said That Our Failure To Do Anything About The National Debt Is Causing Foreign Countries To “Lose Some Respect With The Way The We’re Handling This …” DAVID COTE: “Actually, we're starting to lose some respect with the way that we're handling this, because people just don't understand how we could be fooling with something that's so critical.” (Fox Business News’ “Cavuto,” 5/25/11)

  • Cote: “And When You Have Nine Trillion In Debt And Four Trillion Of It Is Held By Overseas Investors, A Trillion Of It By China, They're All Kind Of Looking At Us Wondering When Are You Going To Do Something?” (Fox Business News’ “Cavuto,” 5/25/11)
  • Cote: “You Don't Toy With The Potential For A Financial Crisis. You Don't Say, I Think I Can Take A Chance On This One; It's Not Going To Happen For Another Two Or Three Years. You Don't Fool With Something That Critical.” (Fox Business News’ “Cavuto,” 5/25/11)

Cote Called Our National Debt “The Seeds Of The Next Recession …” COTE: “The seeds of the next recession have already been planted. Whatever politics any of us may have, the debt problem is real. From a net debt position of $9 trillion and 60 percent of GDP today, we grow in 10 years to $20 trillion and 90 percent of GDP. And that's accompanied by an interest bill of a trillion dollars a year.”  (Press Conference, Moment of Truth Project Holds a Launch Event to Discuss the Lessons from the National Commission on Fiscal Responsibility and Reform, Washington D.C., 3/8/11)

Honeywell CEO David Cote Said That The Number One Thing That Could Be Done To Boost The Economy Is Fixing Our Long Term Debt Problem. PBS’ SUSIE GHARIB: “As we continue our series ‘How to Fix the Economy,’ I asked Honeywell's David Cote, what should be America's competitive agenda?” DAVID COTE: “There's six that I point to. The first is resolving our long-term debt problem.” (PBS’ “Nightly Business Report,” 10/25/11)

  • Cote: “The Second Is Actually Having An Energy Policy.” COTE: “The second is actually having an energy policy. The third is math and science education. The fourth is infrastructure. The fifth is free trade and a more comprehensive nuanced relationship with China. Then the sixth is tort reform. And these are all meaty issues to address with the biggest most imminent one being debt.” (PBS’ “Nightly Business Report,” 10/25/11)
  • Cote Said The Best Thing For The Economy “Is To Get That Debt Problem Sorted Out Because If They Just Remove The Uncertainty Blanket That's Over Everything Right Now That Would Do More To Stimulate Demand And To Stimulate Confidence Than Anything Else They Could Do.”  COTE: “Yes, yes. Government wants -- they're all talking about jobs, but the biggest thing they could do to stimulate jobs is to get that debt problem sorted out because if they just remove the uncertainty blanket that's over everything right now, that would do more to stimulate demand and to stimulate confidence than anything else they could do.” (PBS’ “Nightly Business Report,” 10/25/11)

Obama Is Responsible For The Most Rapid Increase In Debt Of Any President

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)

Since Obama Took Office, The National Debt Has Increased By Over $5.0 Trillion, An Increase Of Over 47 Percent. (U.S. Treasury Department, Accessed 5/30/12)

  • 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)
  • Congressional Budget Office: “The Amount Of Federal Debt Held By The Public Has Skyrocketed In The Past Few Years …” “The amount of federal debt held by the public has skyrocketed in the past few years, rising from 40 percent of GDP at the end of 2008 to reach an estimated 67 percent by the end of this year.” (“The Budget And Economic Outlook: An Update,” Congressional Budget Office, 8/24/11)

President Obama Has Racked Up The Three Largest Deficits In U.S. History. “The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history. The nation only ran a larger deficit for the 2009 fiscal year, which included the dramatic collapse of financial markets and a huge bailout effort by the government.”(Erik Wasson, “Treasury Announces 2011 Deficit Is Second Highest In History,” The Hill’s "On The Money", 10/14/11)

  • 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)
  • 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)
  • 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)

Obama’s FY2013 Budget Increases The Deficit More Than His FY2012 Budget And Will “Have A More Negative Long-Run Effect.” “The effects of the 2013 budget differ from those of the preceding budget in four main ways. In particular, the proposals for 2013 would do the following: Increase deficits by a greater amount, largely because of a greater increase in spending compared with that in CBO’s baseline. Those larger deficits would provide a bigger short-run boost to output but then have a more negative long-run effect.” (“The Economic Impact Of The President’s 2013 Budget,” Congressional Budget Office, 4/20/12)

And Has Failed To Show Leadership, Ignoring The Fiscal Commission’s Recommendations

The Associated Press Fact Check: “Obama Has Yet To Sign On To Any Of The Ideas, Even Though He Promised When Creating The Panel That It Would Not Be ‘One Of Those Washington Gimmicks.’” (“AP Fact Check: Obama's Budget Goals Don't Add Up,” The Associated Press, 1/26/11)

  • President Obama’s Budget Did Not Opt For “The Bold, Comprehensive Approach To Reining In The Fast-Growing Federal Debt That His Own Fiscal Commission Has Said Is Needed, Now.” “With the budget he is to unveil Monday, President Obama has not opted for the bold, comprehensive approach to reining in the fast-growing federal debt that his own fiscal commission has said is needed, now.” (Jackie Calmes, "A Cautious Approach Seeking Bipartisan Appeal," The New York Times2/13/11)

“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)


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