This afternoon the House will vote on a resolution of disapproval on the President’s request to increase the debt ceiling by another $1.2 trillion. With the State of the Union and the President’s 2013 budget proposal around the corner, let’s take a look at his record on debt and spending:
• $15.24 Trillion – The National Debt As Of January 13, 2012 (Treasurydirect.gov, Accessed 1/18/12)
• $4.6 Trillion - The amount the debt has increased under President Obama’s watch. (Treasurydirect.gov, Accessed 1/18/12)
Video Flashback: July 2008: Then Senator Obama Says Adding $4 Trillion To The Debt Is “Irresponsible” – Watch It HERE
• President Obama’s Failed Economic Policies Are 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.” (CBS News, 8/22/11)
• President Obama’s Reckless Spending Has Led To The Three Largest Deficits In U.S. History. The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history. The nation only ran a larger deficit for the 2009 fiscal year, which included the dramatic collapse of financial markets and a huge bailout effort by the government. The nation's deficit that year was $1.412 trillion. This year's deficit is slightly higher than fiscal year 2010, when the nation ran a $1.293 trillion deficit. Fiscal years run through Sept. 30. (The Hill,10/14/11)
Instead Of Focusing On Bipartisan Efforts To Reduce The Debt, President Obama Will Present A Document To Campaign On, Not A Budget To Govern On.
• Obama's 2013 Budget Will Be A Campaign Document, Not A Real Budget. When President Barack Obama unveils his annual budget next month, the blueprint will reveal a lot about his re-election strategy but probably little about the spending and tax policies the Congress will adopt in the coming year. … "What the president will be providing in his budget will be more of a campaign document than it will be a real budget," said Stan Collender, a former congressional budget aide who is now a partner at Qorvis Communications. (Reuters, 1/17/12)
• Last Year, The President’s Budget Was Similarly Designed As A Political Document In An Attempt To Solidify His Re-Election. "Obama's $3.7 trillion budget is an opening bid, as well as a political document by someone who wants to win re-election... Bottom line: Presidential budgets are more political documents than anything else, and this budget is by someone who wants to win re-election." (First Read, 2/14/11)
And What Did Leading Editorial Boards Say About The President’s Budget Last Year?
• The President Punted. Having been given the chance, the cover and the push by the fiscal commission he created to take bold steps to raise revenue and curb entitlement spending, President Obama, in his fiscal 2012 budget proposal, chose instead to duck. To duck, and to mask some of the ducking with the sort of budgetary gimmicks he once derided. "The fiscal realities we face require hard choices," the president said in his budget message. "A decade of deficits, compounded by the effects of the recession and the steps we had to take to break it, as well as the chronic failure to confront difficult decisions, has put us on an unsustainable course." His budget would keep the country on that course. (The Washington Post, 2/15/11)
• "What Mr. Obama's Budget Is Most Definitely Not Is A Blueprint For Dealing With The Real Long-Term Problems That Feed The Budget Deficit..." (The New York Times, 2/14/11)
• This was supposed to be the moment we were all waiting for. After three years of historic deficits that have added almost $4.5 trillion to the national debt, President Obama was finally going to get serious about fiscal discipline. Instead, what landed on Congress's doorstep on Monday was a White House budget that increases deficits above the spending baseline for the next two years. Hosni Mubarak was more in touch with reality last Thursday night. (The Wall Street Journal, 2/15/11)
The Reception To The President’s Budget Was So Poor, The Administration Was Forced To Have The President Give Another Speech That The CBO Director Also Tore Into.
• CBO Director On President Obama’s Do-Over: “We Don’t Estimate Speeches.” Congressional Budget Office Director Douglas Elmendorf had some harsh words for President Obama during a hearing held by the House Budget Committee on Thursday to discuss the nation's long-term fiscal outlook. Chairman Rep. Paul Ryan, R-Wis., asked Elmendorf whether the CBO had attempted to estimate the budgetary effects of the framework Obama outlined in April, which was based on a 12-year budget window instead of the usual 10 years. “We don’t estimate speeches," Elmendorf shot back. The CBO had provided estimates of the actual budget Obama released in February, but Obama's April speech revised his framework without releasing a detailed proposal to back up his claims. (The Washington Examiner, 6/23/11)
Watch The Video HERE