Romney Campaign Press Release - A Clear Choice For Delivering A "New Direction" On Debt

"Four years ago at Hofstra University, President Obama promised to deliver a 'new direction' on debt. This is one promise the President unfortunately kept, amassing more debt than any other president in history. And a second Obama term is threatening to drive the debt even higher to a record $20 trillion. Americans simply can't afford four more years like the last four years. Mitt Romney will take immediate action to slash spending, cut the deficit, and end President Obama's era of big-government policies." — Andrea Saul, Romney Campaign Spokesperson

Four Years Ago At The Hofstra University Debate, Candidate Obama Promised A "New Direction" On Our Mounting Debt And Deficits:

Candidate Obama, At The 2008 Debate At Hofstra University: "We Are Now Looking At A Deficit Of Well Over Half A Trillion Dollars. ... We've Got To Take This In A New Direction, That's What I Propose As President." OBAMA: "And we are now looking at a deficit of well over half a trillion dollars. So one of the things that I think we have to recognize is pursuing the same kinds of policies that we pursued over the last eight years is not going to bring down the deficit. ... We've got to take this in a new direction, that's what I propose as president." (Senator Barack Obama, Third Presidential Debate, Hempstead, NY, 10/15/08)

President Obama Succeeded In Delivering A New Direction — He's Presided Over Record Debt And The Nation's First Trillion-Dollar Deficits:

Under President Obama, The National Debt Has Surpassed $16 Trillion — An Increase Of $5.5 Trillion. (Department Of The Treasury, Accessed 10/15/12)

Last Week, The Obama Administration Confirmed The FY2012 Deficit Totaled $1.1 Trillion — The Fourth Year Of Trillion-Dollar Deficits On President Obama's Watch. "The Treasury Department said Friday the deficit for the 2012 budget year totaled $1.1 trillion. ... Barack Obama's presidency has now coincided with four straight $1 trillion-plus annual budget deficits — the first in history and an issue in an election campaign that ends in Nov. 6." (Martin Crutsinger, "US Deficit Tops $1 Trillion For Fourth Year," The Associated Press, 10/12/12)

• "The String Of $1 Trillion-Plus Deficits Has Driven The National Debt Above $16 Trillion." "The string of $1 trillion-plus deficits has driven the national debt above $16 trillion. The magnitude of that figure has intensified debate in Congress over spending and taxes but little movement toward compromise." (Martin Crutsinger, "US Deficit Tops $1 Trillion For Fourth Year," The Associated Press, 10/12/12)
• "The Government Borrowed About 31 Cents Of Every Dollar It Spent In 2012." (Martin Crutsinger, "US Deficit Tops $1 Trillion For Fourth Year," The Associated Press, 10/12/12)

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 The Result Of President Obama's Reckless Spending? Higher Taxes On The Middle Class And More Debt The Next Generation Will Be Forced To Repay:

Every American's Share Of The National Debt Currently Stands At Over $51,000 — An Increase Of Over $16,000 Under President Obama. (Department Of The Treasury, Accessed 10/15/12; U.S. Census Bureau, Accessed 10/15/12)

• And A Second Obama Term Will Only Drive Every American's Share Of The Debt Higher — The National Debt Is Projected To Surpass $20 Trillion By The End Of 2016 Under President Obama's Policies. ("Fiscal Year 2013 Mid-Session Review: Budget Of The U.S. Government," Office Of Management And Budget, 7/27/12)

American Enterprise Institute Has Calculated That The Annual Cost Of President Obama's Current And Looming Debt Burden Amounts To $4,000 Per Year In Higher Taxes On The Middle Class. "In a new paper, AEI's Matt Jensen looks at the real annual cost of servicing the debt for households at various levels of income — including a potentially higher tax burden. As the table below illustrates, a household making between $100,000 and $200,000 a year could find its tax liability higher by roughly $2,400 every year. Over ten years, that works out to $24,000. And when you add in the debt already accrued the past four years under President Obama (the second table), that's another $1,600 a year. So now we are now talking about $4,000 a year, $40,000 over ten years." (James Pethokoukis, "Study: Obama's Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike," American Enterprise Institute, 10/2/12)