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Obama vs. Obama - Spending

Obama vs. Obama - Spending

A Tale of Two Presidents

MARCH 11, 2009

President Obama once criticized out-of-control spending and “enormous deficits” but...

President Obama once criticized an “orgy of spending and enormous deficits”

Then-Candidate Obama pledged to “cut both taxes and spending, implementing a responsible budget that lowers the federal deficit by reducing wasteful spending.” (Campaign Website, www.barackobama.com)
 
President Obama even described the economic policies of the past eight years as an “orgy of spending and enormous deficits.” (Presidential Debate, September 26, 2008)

… But has introduced a budget proposal that increases our national debt to HISTORIC LEVELS, at an HISTORIC PACE.

According to the New York Times, President Obama has proposed a “stunning deficit” for 2009 that is expected to reach $1.75 trillion – nearly four times last year’s budget deficit. (New York Times, February 26, 2009)
 
As the Wall Street Journal noted, the President’s proposed deficit for 2009 (as a share of the gross domestic product) is a “level not seen since 1942 as the U.S. plunged into World War II.” (Wall Street Journal, February 27, 2009)
 
Over the next ten years, President Obama has proposed deficits that remain above $500 billion every year, rising to $712 billion by 2019 – doubling our national debt over the same period of time.
 
And the President’s estimates are based on more “optimistic” assumptions of the health of our national economy.  Using the same logic President Obama has used to “stress test” the stability of financial institutions – the President’s actual deficits could be more than $1 trillion HIGHER over the next five years. (Committee on Budget, Republican Office, March 5, 2009)