Romney Repeating The Double The Deficit Lie

[Truthseeker420]

It’s not true that Obama “doubled” the deficit. He inherited a $1.2 trillion deficit and deficits have remained at or above that level, as Romney said, every year since then. Romney is right, however, that Obama has not kept his promise to cut the deficit in half.

Here’s the budget history in brief: The 2009 fiscal year began Oct. 1, 2008, when George W. Bush was president, and ended Sept. 30, 2009 with Obama as president. By the time Obama took office in January 2009, the nonpartisan Congressional Budget Office had already estimated that the federal government would end fiscal 2009 with a $1.2 trillion deficit because of higher spending and lower revenues.

Obama added to the 2009 deficit, but not by much. We found that Obama was responsible at most for an additional $203 billion. The government ended $1.4 trillion in the red that year. The deficits were about $1.3 trillion each year for the next two years, and this fiscal year just ended with a shortfall of nearly $1.2 trillion.

So, Obama didn’t double the deficits. But the president did pledge to cut them in half by the end of his first term during his State of the Union address on Feb. 24, 2009. A Congressional Budget Office analysis of the president’s latest budget plan doesn’t show the deficit being cut in half until 2014.

FactCheck.org : Dubious Denver Debate Declarations

 

[bripat9643]

It’s not true that Obama “doubled” the deficit. He inherited a $1.2 trillion deficit and deficits have remained at or above that level, as Romney said, every year since then. Romney is right, however, that Obama has not kept his promise to cut the deficit in half.

Here’s the budget history in brief: The 2009 fiscal year began Oct. 1, 2008, when George W. Bush was president, and ended Sept. 30, 2009 with Obama as president. By the time Obama took office in January 2009, the nonpartisan Congressional Budget Office had already estimated that the federal government would end fiscal 2009 with a $1.2 trillion deficit because of higher spending and lower revenues.

Obama added to the 2009 deficit, but not by much. We found that Obama was responsible at most for an additional $203 billion. The government ended $1.4 trillion in the red that year. The deficits were about $1.3 trillion each year for the next two years, and this fiscal year just ended with a shortfall of nearly $1.2 trillion.

So, Obama didn’t double the deficits. But the president did pledge to cut them in half by the end of his first term during his State of the Union address on Feb. 24, 2009. A Congressional Budget Office analysis of the president’s latest budget plan doesn’t show the deficit being cut in half until 2014.

FactCheck.org : Dubious Denver Debate Declarations

Here are the facts: