“President Obama entered office promising to deliver a new direction on our nation’s out-of-control deficits. Instead, the President’s failed economic policies have produced trillions of dollars in new debt that could cost middle-class families $4,000 in higher taxes. It’s just another reason why Americans can’t afford four more years like the last four years. As president, Mitt Romney will succeed where President Obama has failed by making immediate spending cuts and finally putting our nation on a path to a balanced budget.” – Andrea Saul, Romney Campaign Spokesperson

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On Friday, The Obama Administration Officially Confirmed The FY2012 Deficit Exceeded $1 Trillion For The Fourth Year In A Row:

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)

NBC’s Tom Brokaw, On President Obama’s Deficit Record: “That Deficit Is $1.1 Trillion And It Happened On His Watch. He Is Going To Have To Answer For That.” BROKAW: “I looked at that debate we talked about a moment ago, it was playing last night on C-SPAN, and, now President Obama was saying, ‘Look, we've got a deficit of half a trillion dollars. I'm going to get that under control.’ Well, this week, that deficit is $1.1 trillion and it happened on his watch. He is going to have to answer for that.” (NBC’s “Meet The Press,” 10/14/12)

But It Wasn’t Supposed To Be This Way – President Obama Repeatedly Promised To Control Our Nation’s Mounting Debt And Deficits:

President Obama, In 2009: “Today I'm Pledging To Cut The Deficit We Inherited In Half By The End Of My First Term In Office.” OBAMA: “[T]oday I'm pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we've long neglected. But I refuse to leave our children with a debt that they cannot repay – and that means taking responsibility right now, in this administration, for getting our spending under control.” (President Barack Obama, Remarks, Washington, D.C., 2/23/09)

  • ·         “President (Hans Nichols, “Obama Plans To Reduce Budget Deficit To $533 Billion By 2013,” Bloomberg, 2/21/09)

Candidate Obama, In 2008: “We Now Have Over $9 Trillion Of Debt That We Are Going To Have To Pay Back … That’s Irresponsible. It’s Unpatriotic.” OBAMA: “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.” (Senator Barack Obama, Remarks, Fargo, ND, 7/3/08)

Candidate Obama, In 2007: “It Means We Are Also Not Running Up Deficits And Asking China To Bail Us Out … It's Pretty Hard To Have A Tough Negotiation When The Chinese Are Our Bankers.” OBAMA: “That means enforcing our trade agreements; it means that if they're manipulating their currency, that we take them to the mat on the that issue; it means that we are also not running up deficits and asking China to bail us out and finance them, because it's pretty hard to have a tough negotiation when the Chinese are our bankers. And that's something that we're going to have to change.” (Senator Barack Obama, Remarks, Chicago, IL, 8/7/07)