Romney Campaign Press Release - The Upside-Down Obama Economy: Record Debt And Trillion Dollar Deficits

The Obama Economy Is Upside Down With More Than $5 Trillion In New Debt And Four Straight Trillion-Dollar Deficits:

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)

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)

And President Obama's Has Driven Up Wasteful Federal Spending, While Cutting Vital Programs Like National Defense:

Obamacare Will Drive Up Federal Spending By $1.76 Trillion Over The Next Decade. "President Obama's national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law." (Philip Klein, "CBO: Obamacare To Cost $1.76 Trillion Over 10 Yrs," The Washington Examiner, 3/13/12)

President Obama's Failed Stimulus Package Cost Taxpayers Nearly $1 Trillion. "President Obama has not ruled out a second stimulus package, his press secretary, Robert Gibbs, said on Tuesday, just before Mr. Obama signed his $787 billion recovery package into law with a statement that it would 'set our economy on a firmer foundation.'" (Sheryl Gay Stolberg, "Signing Stimulus, Obama Doesn't Rule Out More," The New York Times, 2/17/09)

Obama's FY 2013 Budget Cuts Defense Spending By $487 Billion Over The Next Ten Years. "An array of military programs, from fighter jets to retiree benefits, would be nicked to squeeze savings in the Pentagon's $525 billion budget for 2013, according to officials and documents released Monday. The proposed 2013 budget represents the Pentagon's first installment in a plan to reduce its projected spending by $487 billion over 10 years. Congress must approve the changes." (Tom Vanden Brook "Pentagon Budget Calls For Cuts To Jets, Benefits," USA Today, 2/13/12)

• "The Pentagon Could Be Forced To Slash An Extra $600 Billion" Under Sequestration, Cutting A Total Of $1 Trillion From The Defense Budget. "Those cuts could soon swell substantially. If Obama and Congress cannot agree on another package of spending reductions or tax increases by next January, the Pentagon could be forced to slash an extra $600 billion over 10 years." (Craig Whitlock, "Pentagon Budget Set To Shrink Next Year," The Washington Post, 1/26/12)