Romney Campaign Press Release - Barack In Time: When Obama Promised He Wouldn't Duck Our Nation's Problems

"Barack Obama promised to be a president who wouldn't duck our nation's problems. Four years later, he's even hiding from his own second-term agenda. But President Obama has already laid out his plans for the next four years — job-destroying tax hikes, trillions in new debt, and higher taxes on middle-class families. Mitt Romney is offering Americans a clear choice and a real recovery, with lower taxes on the middle class, 12 million new jobs, and spending cuts to restore our nation's financial strength." — Andrea Saul, Romney Campaign Spokesperson

Four Years Ago In Fairfax, Barack Obama Promised To Be A President Who Would Provide "Leadership To Solve" Our Nation's Problems:

Candidate Obama, In Fairfax: "I Think It's Time We Had A President Who Doesn't Deny Our Problems  ... But Takes Responsibility And Provides The Leadership To Solve Them." OBAMA: "And I think it's time we had a President who doesn't deny our problems - or blame the American people for them - but takes responsibility and provides the leadership to solve them. That's the kind of President I will be." (President Barack Obama, Remarks, Fairfax, VA, 7/10/08)

But President Obama Is Back In Fairfax Today Without Any Details On His Second-Term Agenda Or Leadership On Averting Looming Tax Hikes:

President Obama Has Threatened To Take Our Nation Over The "Fiscal Cliff" Unless Republicans Agree To His Agenda Of Higher Taxes On Job Creators. "President Obama is prepared to veto legislation to block year-end tax hikes and spending cuts, collectively known as the 'fiscal cliff,' unless Republicans bow to his demand to raise tax rates for the wealthy, administration officials said. Freed from the political and economic constraints that have tied his hands in the past, Obama is ready to play hardball with Republicans, who have so far successfully resisted a deal to tame the debt that includes higher taxes, Obama's allies say." (Lori Montgomery, "Officials: Obama Ready To Veto A Bill Blocking 'Fiscal Cliff' Without Tax Hike For Rich," The Washington Post, 10/17/12)

• Even If He Loses Re-Election, President Obama "Could Make Sure That Tax Rates Rise." "If he wins reelection, Obama may finally be able to dictate the terms of a bipartisan debt-reduction deal. And if he loses to Republican Mitt Romney, Obama could make sure that tax rates rise before he hands over the keys to the White House on Inauguration Day in late January." (Lori Montgomery, "Officials: Obama Ready To Veto A Bill Blocking 'Fiscal Cliff' Without Tax Hike For Rich," The Washington Post, 10/17/12)

And President Obama's Tax Hikes Will Hit Small-Business Owners And Jeopardize 710,000 Jobs. "Researchers determined the plan would actually subject 2.1 million business owners to higher rates; specifically, those who pay pass-through taxes, like most partnerships, LLCs and S-Corporations. The result, less capital in the hands of business owners and diminished labor supply, would cost the United States an estimated $200 billion in economic output and 710,000 jobs." (J.D. Harrison, "Obama Plan To Lift Top Tax Rates Would Plague Millions Of Small Businesses, Study Warns," The Washington Post, 7/17/12)

President Obama's Second-Term Tax Hikes "Would Hurt Small-Business Job Creators In Particular." "New research, released today by the National Federation of Independent Business, shows that allowing tax relief on the top individual rates to expire will hurt job creation and the economy. The report, published by top accounting firm Ernst & Young, shows raising top individual rates would hurt small-business job creators in particular." (NFIB, Press Release, 7/17/12)

But Even President Obama's Tax Hikes Won't Be Enough — The National Debt Is Projected To Pass $20 Trillion And Middle-Class Families Will Pay Higher Taxes:

Under President Obama's Policies, The National Debt Is Projected To Surpass $20 Trillion By The End Of 2016 — An Increase Of More Than $4 Trillion In New Debt. ("Fiscal Year 2013 Mid-Session Review: Budget Of The U.S. Government," Office Of Management And Budget, 7/27/12) 

• President Obama Has Already Presided Over A National Debt That Has Surpassed A Record $16 Trillion — An Increase Of $5.5 Trillion On His Watch. (US Department Of The Treasury, Accessed 10/15/12)

Politico, On President Obama's Spending Policies: "If Obama Were To Get His Way On All Fronts, The Outlook Remains Grim." "And even if Obama were to get his way on all fronts, the outlook remains grim. The federal debt held by the public would still nearly double again from $10.1 trillion at the end of 2011 to $18.8 trillion at the end of 2022. For the current fiscal year ending Sept. 30, CBO is now projecting a shortfall of $1.3 trillion. In fiscal 2013, the deficit will still hover near the $1 trillion mark — about $977 billion. " (David Rogers, "CBO: Exploding Debt Under Obama Policies," Politico, 3/16/12)

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)