Romney Campaign Press Release - President Obama's Promise Gap On Debt And Deficits

"President Obama campaigned for office with a promise to cut spending, saying our children couldn't afford 'another mountain of debt.' By his own standard, President Obama has failed — and future generations of middle-class Americans will be the ones suffering the consequences of his $5 trillion and counting in new debt. On Day One, Mitt Romney will take immediate action to cut spending and reduce the financial burdens we are passing on to the next generation." —Andrea Saul, Romney Campaign Spokesperson

President Obama's Promise Gap Has Meant An Additional $5 Trillion In New Debt That Will Be Passed On To Future Generations:

Candidate Obama, In 2008: "We Cannot Afford To Mortgage Our Children's Future On Another Mountain Of Debt. ... I'm Going To Tell You How We're Going To Save When I Am President." OBAMA: "But just as we demand accountability on Wall Street, we must also demand it in Washington. Because we cannot afford another four years of the kind of deficits we've seen during the past eight. We cannot afford to mortgage our children's future on another mountain of debt. That's why I'm not going to stand here and simply tell you what I'm going to spend, I'm going to tell you how we're going to save when I am President." (Sen. Barack Obama, Remarks, Grand Rapids, MI, 10/2/08)

• Candidate Obama: "What I've Done Throughout This Campaign Is To Propose A Net Spending Cut." OBAMA: "What I've done throughout this campaign is to propose a net spending cut. ... Every dollar that I've proposed, I've proposed an additional cut so that it matches." (Sen. Barack Obama, Presidential Debate, Hempstead, NY, 10/15/08)

Four Years Ago This Week, Candidate Obama Claimed It Was "Unpatriotic" And "Irresponsible" To Add $4 Trillion To The National Debt. OBAMA: "The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic." (Sen. Barack Obama, Remarks, Fargo, ND, 7/3/08)

Since President Obama Took Office, The National Debt Has Surpassed A Record $15.8 Trillion — An Increase Of More Than $5.2 Trillion. (Department Of The Treasury, www.treasurydirect.gov, 7/4/12)

• Every American's Share Of The National Debt Has Increased By Approximately $16,000 Under President Obama. (Department Of The Treasury, www.treasurydirect.gov, 7/4/12)

President 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)

And President Obama Also Broke His Promise To Cut The Deficit In Half By The End Of His First Term:

President Obama, In February 2009: "Today I'm Pledging To Cut The Deficit We Inherited In Half By The End Of My First Term In Office." OBAMA: "[T]oday I'm pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we've long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control." (President Barack Obama, Remarks, Washington, D.C., 2/23/09)

• In FY2009 -- When President Obama Made His Deficit Promise — The Federal Deficit Was $1.4 Trillion. (White House Office Of Management And Budget, Accessed 6/27/12)

• The Congressional Budget Office Has Projected The FY2012 Federal Deficit Will Be $1.2 Trillion. ("Updated Budget Projections: Fiscal years 2012 To 2022," Congressional Budget Office, 03/12)

President Obama's Latest Budget Breaks His Pledge And "Does Not Come Close" To Cutting The Deficit In Half. "The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013. The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit. The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president's budget claims it will be $901 billion in 2013." (Jake Tapper, "Obama's Broken Deficit Promise," ABC News, 2/13/12)

This Year Will Be President Obama's "Fourth Straight Year Of Deficits Over $1 Trillion." "Obama's budget projects that the deficit for the current year will total $1.33 trillion, the fourth straight year of deficits over $1 trillion." ("Highlights Of Obama's $3.8 Trillion Budget," The Associated Press, 2/13/12)