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Obama's Final Broken Promise To Reduce The Deficit

- July 15, 2016

The White House Says The Federal Budget Deficit For Obama's Final Year In Office Will Be $600 Billion, Up From $458 Billion In 2008

Today, The White House Announced That This Year's Federal Budget Deficit Is Expected To Be $600 Billion, "An Increase Of $162 Billion From Last Year." "The White House said Friday the federal budget deficit is expected to be $600 billion in 2016, an increase of $162 billion from last year." ("Federal budget deficit will increase $162 billion in 2016," Politico, 7/15/16)

  • The Estimate Comes From The White House Office Of Management And Budget's Mid-Session Review. "This Mid-Session Review (MSR) updates the Administration's estimates for outlays, receipts, and the deficit for economic, legislative, and other changes that have occurred since the President's 2017 Budget (Budget) was released in February." ("Mid Session Review Budget Of The U.S. Government," Office Of Management And Budget, 7/15/16)

In 2008, The Last Fiscal Year Before Obama Took Office, The Federal Budget Deficit Totaled $458 Billion. ("Budget Of The U.S. Government Fiscal Year 2017 Historical Tables," Office Of Management And Budget, 2/16)

In 2009, Obama Pledged To Cut The Deficit In Half By The End Of His First Term, A Promise He Failed To Keep

In February 2009, Obama Pledged To Cut The Deficit In Half "By The End Of Our First Term In Office." PRESIDENT BARACK OBAMA: "That is why today I am pledging to cut the deficit we inherited by half by the end of my first term in office." (President Barack Obama, Remarks At The Opening Of The Fiscal Responsibility Summit , Washington, DC, 2/23/09)

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Politifact: "Obama Vowed To Cut The Annual Deficit In Half By The End Of His First Term" But Failed To Do So . "Obama vowed to cut the annual deficit in half by the end of his first term and, nearly four years later, he hasn't done so. The federal deficit represents how much the government's spending exceeds its revenues in a given fiscal year." (Bill Wichert, "Barack Obama Broke Promise To Cut Annual Deficit In Half By End Of His First Term, Rep. Leonard Lance Says," PolitiFact, 10/21/12)

  • In 2012, At The End Of Obama's First Term, The Annual Federal Budget Deficit Totaled $1.09 Trillion. ("Budget Of The U.S. Government Fiscal Year 2017 Historical Tables," Office Of Management And Budget, 2/16)

When Asked About His Failure To Bring Down Deficits In 2012, Obama Made Excuses For His Trillion Dollar Deficits, Blaming The State Of The Economy . QUESTION: "You're getting pelted in the media. They're showing this video over and over again of you in February '09 saying by the end of your first term, you're going to reduce the deficit by half." PRESIDENT BARACK OBAMA: "Right." QUESTION: "We're not there." OBAMA: "Well, we're not there because this recession turned out to be a lot deeper than any of us realized." (President Barack Obama, Remarks In An Interview With WAGA, Washington, DC, 2/14/12)

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Far From Restoring Fiscal Responsibility, Obama Is Now The "$20 Trillion Man," Nearly Doubling The National Debt During His Time In Office

Under The Obama Administration, The Debt Has Increased By 80 Percent, A Total Of $8.7 Trillion, From $10.627 Trillion In 2009 To $ 19.361 Trillion As Of July 13, 2016. ("Daily History Of The Debt," U.S. Department Of Treasury, Accessed 7/15/16)

  • The Washington Times Headline: "$20 Trillion Man: National Debt Nearly Doubles During Obama Presidency" (Dave Boyer, "$20 Trillion Man: National Debt Nearly Doubles During Obama Presidency," The Washington Times, 11/1/15)

JUST LIKE OBAMA, CLINTON OFFERS MORE-OF-THE-SAME LIP SERVICE ON THE DEBT

On The Campaign Trail, Clinton Has Offered No Plan To Tame The Growing National Debt

In December 2015, When Asked By A Student How She Would Handle The National Debt, Clinton Offered No Solution And Only Cast Blame. QUESTIONER: "I travel all across the country asking, teaching kids all about the importance of making sense and being financially responsible. So, I'm asking all the presidential candidates about our 18 trillion dollar national debt. So, specifically what will you do? Thank you." CLINTON: "Well, for a little bit of historic context, and congratulations on your achievement and particularly paying attention to this issue. Let's have a little historic context here. When my husband left the White House we had a balanced budget and surplus, and if we had stayed on, if we had stayed on a responsible fiscal path we could have, had we c hose, paid off our entire national debt. Unfortunately, that was not the path selected, by then President George W. Bush. Where he slashed taxes for the wealthy, he waged two wars without raising a penny to pay for them, the first time in American history that happened, and took his eyes off the financial markets and the mortgage markets and we know what happened, and we fell into a Great Recession and it required spending money as you often have to in times of great economic contraction, to be able to keep the economy going, to try to get it back on track. And indeed now the economy is growing again, our deficit is shrinking, but we are left with this large national debt. So, I think we should get back to sensible economic policies that put people to work, raise incomes, and begin to lower our national debt. And if you want to know the kinds of things I would do, please go to my website, Hillaryclinton.com. Also go and look at what my husband did because it worked. I'm not running for his third term, I'm running for my own first term, but I think it's important that people appreciate our economy does better when we have a democrat in the White House, and we will be able to do more to deal with the national debt, when I am President." (Hillary Clinton, Remarks At The Women's Economic Opportunity Summit, Manchester, NH, 12/3/15)

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