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Sorry Jay, You Asked For It

- May 30, 2012

Carney Doubles Down On His Obama Spending Fairy Tale With More Wild Claims And Promises Of Budget Surpluses

Press Secretary Jay Carney: “And So When It Comes To Responsible Stewardship Of Our Budget And Our Fiscal Issues, I Think We Have A Strong Case.” (Jay Carney, Press Briefing, Washington D.C., 5/30/12)

RESPONSIBLE? THE PRESIDENT DOES NOT HAVE A PLAN TO PREVENT THE LOOMING FISCAL CRISIS HIS BINGE SPENDING HAS ACCELERATED

This Chart From Obama’s Budget Shows The 
President’s “Responsible Stewardship” Of The Public Debt

 

Source: Budget Of The United States Government, Fiscal Year 2013, Office Of Management And Budget, 2/13/12

Treasury Secretary Timothy Geithner Admitted The Administration Doesn’t Have A Plan To Fix The Explosion Of Federal Debt Looming In Our Future. REP. PAUL RYAN: “Because we got 10,000 people retiring every day, and healthcare costs going up…” TREASURY SECRETARY TIMOTHY GEITHNER: “That’s right. We have millions of Americans retiring every day, and that will drive substantially the rate of growth of healthcare costs. You are right to say we’re not coming before you today to say we have a definitive solution to that long-term problem. What we do know is, we don’t like yours.” (Committee On The Budget, U.S. House Of Representatives, 2/16/12)

Fact Checkers Have Not Been Impressed With Obama’s 
“Responsible Stewardship” Of The Budget

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,” Politifact5/19/11)

  • The Washington Post’s Fact Checker: “[Obama’s] Record On The Growth Of National Debt Is The Worst Of Recent Presidents.” “But the fact remains that under basic economic measures, not phony ones, his record on the growth of the national debt is the worst of recent presidents.” (Glenn Kessler, “A Bogus Chart On Obama And The Debt Gets A New Lease On Life,” The Washington Post's "The Fact Checker", 9/29/11)
  • “Government Spending As A Share Of The Economy Has Hovered Around 24% During The Obama Administration…Elevated From The Historical Average Of 20.7% Over The Past 40 Years.” “Government spending as a share of the economy has hovered around 24% during the Obama administration, several percentage points higher than under President Bush, according to Congressional Budget Office data. It's also elevated from the historical average of 20.7% over the past 40 years.” (Tami Luhby, “Did Obama Really Make Government Bigger?” CNN Money, 1/25/12)

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)

  • CBO Director Douglas Elmendorf: Growing Debt Increases Risk Of “Sudden Fiscal Crisis.” “Growing debt also would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates.” (Douglas Elmendorf, “CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office “Director’s Blog”, 6/22/11)

AFTER FAILING TO CUT THE DEFICIT IN HALF BY THE END OF HIS FIRST TERM, CARNEY CLAIMS OBAMA WILL PRODUCE A SURPLUS IF WE GIVE HIM A SECOND

Carney Claims That At The End Of A Second Obama Term That The President Would Leave His Successor A Surplus. CARNEY: “Now, and I know the RNC likes to put this stuff out and contesting it and they cited the size of the budget deficit in 2009, 2010, and 2011 and the fact that they were among the largest in history. Well, of course they were, because what they never tell you is that President Obama was handed, on January 20, 2009, the single largest budget deficit in history and what they never tell you is that, unlike what will happen when President Obama leaves office, in four and a half years, the deficit that was handed to him in January of 2009 began as a surplus eight years earlier.” (Jay Carney, Press Briefing, Washington D.C., 5/30/12)

Jay, We Never Mention An Obama “Surplus” Because The President’s Budget Proposes A $612 Billion Deficit For FY2017 And National Debt Twice As Large As When He Took Office. (“Budget Of The United States Government, Fiscal Year 2013,” Office Of Management And Budget, 2/13/12)

Obama Promised To Cut The Deficit In Half During His First Term And Fell Short

PROMISE: Obama Pledged To Cut The Deficit In Half By The End Of His First Term. OBAMA: “And that's why today I'm pledging to cut the deficit we inherited by half by the end of my first term in office.” (President Barack Obama, Remarks At The Fiscal Responsibility Summit, Washington, D.C., 2/23/09)

BROKEN: Politifact: “Obama Made A Pledge To Cut The Deficit In Half By The End Of His First Term. And He’s Falling Short So Far.” (Gregory Trotter, “Tim Pawlenty Says President Obama Is Going To Break Promise On Deficit And Will Double It,” Politifact, 6/10/11)

  • Obama Will Fall “Far Short Of His Goal To Halve The Deficit In Four Years.” “President Obama's proposed 2013 budget will forecast a $901 billion deficit for next year, falling far short of his goal to halve the deficit in four years.” (Richard Wolf, “Obama Budget To Miss Deficit Goal,” USA Today’s “The Oval,” 2/10/12)
  • The Deficit “Remains Very Large By Historical Standards.” “‘The fundamental story about the federal budget has not changed: Although the deficit is starting to shrink, it remains very large by historical standards,’ it says.” (Erik Wasson, “CBO: Deficit Is 493 Billion Larger,” The Hill’s “On The Money,” 3/13/12)

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)

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)

Obama Promised A Net Spending Cut But Failed At That Too

PROMISE: In 2008, Obama Promised A “Net Spending Cut” To The Federal Budget By Going “Through The Federal Budget Line By Line, Page By Page.” OBAMA: “But there is no doubt that we've been living beyond our means and we're going to have to make some adjustments. Now, what I've done throughout this campaign is to propose a net spending cut.” (Third Presidential Debate, Hempstead, NY, 10/15/08)

BROKEN: Federal Outlays Have Increased By 20.4 Percent Since Obama Took Office. The federal government spent $3.1 trillion in FY2008 in inflation adjusted dollars. Under Obama, in FY2012 the federal government spent $3.8 trillion dollars. (“Table 1.3 – Summary Of Receipts, Outlays And Surpluses Or Deficits In Current Dollars, Constant (FY2005) Dollars, And As Percentages Of GDP: 1940-2016,” Office Of Management And Budget, Accessed 5/16/12; “Budget Of The United States Government, Fiscal Year 2013,” Office Of Management And Budget, 2/13/12)

  • Obama Proposed FY2013 Budget Calls For Increasing Government Spending Well Above Historical Norms. From 1969 to 2008 the federal government spent an average of 20.6 percent of GDP, Obama’s proposed FY2013 budget calls for spending 22.8 percent of GDP by FY2022. (“Table 1.2 – Summary Of Receipts, Outlays And Surpluses Or Deficits As Percentages Of GDP: 1930-2016,” Office Of Management And Budget, Accessed 5/16/12; “Budget Of The United States Government, Fiscal Year 2013,” Office Of Management And Budget, 2/13/12)

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