Tuesday, January 31, 2012

From the SRCC: Reminder about Obama and his promise on the deficit

Yes, Candidate Obama promised to cut the deficit in half in four years.

From the Senate Republican Communications Center:
President Obama Once Pledged To Cut The Deficit In Half By The End Of His First Term

PRESIDENT OBAMA: “And that's why today I'm pledging to cut the deficit we inherited in 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)

REALITY: ‘CBO Projects A $1.1 Trillion Federal Budget Deficit’ For 2012

“CBO projects a $1.1 trillion federal budget deficit for fiscal year 2012 if current laws remain unchanged.” (“The Budget And Economic Outlook: Fiscal Years 2012 To 2022,” Congressional Budget Office, 1/31/12)

“If the CBO estimate is correct, it would mean that the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term. The deficit was $1.4 trillion in 2009, $1.3 trillion in 2010 and $1.3 trillion in 2011. The largest deficit recorded before that was $458 billion in 2008.” (“CBO Projects $1.08T Deficit, Higher Unemployment,” The Hill, 1/31/12)
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