July 7, 2011

Shaky Ground
When It Comes To Fiscal Discipline, Obama Doesnt Have A Leg To Stand On
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President Obama Called Congressional Leaders To The White House On Thursday For Another Round Of Negotiations On The Debt Limit (Michael A. Memoli, Obama Calls Lawmakers To White House
For Debt-Limit Talks, Los Angeles Times, 7/5/11)

OBAMAS RECORD ON THE BUDGET BY THE NUMBERS

$45.9 Trillion: Total Federal Spending Proposed By Obamas FY2012 Budget Through 2021.
(OMB, 2/14/11)

$26.3 Trillion: Projected Federal Debt In 2020 Due To Obamas Binge Spending. (OMB, 2/14/11) $14.3 Trillion: Current National Debt. (U.S. Treasury Department, Accessed 7/6/11) $10.9 Trillion: Amount The Total Gross Federal Debt Will Increase By FY2021 According To Obamas FY2012 Budget. (OMB, 2/14/11) $9.5 Trillion: Cumulative Deficits Caused By President Obamas Proposed Budget, FY20122021. (CBO, April 2011) $6.0 Trillion: Total Interest Payments On The National Debt, FY2012-2021. (CBO, April 2011) $3.7 Trillion: Amount Added To The National Debt Since Obama Took Office. (U.S. Treasury
Department, Accessed 7/6/11)

$1.65 Trillion: Projected Federal Deficit For FY2011 Will Be The Largest In U.S. History.
(OMB, 2/14/11)

$1.42 Trillion: Federal Budget Deficit For FY2009 Highest In U.S. History. (CBO, 10/7/10) $1.29 Trillion: Federal Budget Deficit For FY2010 Second Highest In U.S. History. (CBO, 10/7/10) $1.15 Trillion: American Debt Held By China. (U.S. Treasury Department, Accessed 7/6/11) $931 Billion: Net Interest Payment On Our National Debt In 2021 Due To Obamas Budget. (CBO, April 2011) $11,300: Negative Effect Of Debt On Gross National Product Per Person In 2035. (CBO,
6/22/11)

2060: Year Federal Spending Will Reach 50 Percent Of GDP. (CBO, 6/22/11)
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2037: Year That Federal Debt Will Reach 200 Percent Of GDP. (CBO, 6/22/11) 2036: Year That The Social Security Trust Fund Will Be Exhausted. (The Trustees Of Social
Security & Medicare, 5/10/11)

2020: Year That The CBO Predicts Medicares Trust Fund Will Be Exhausted. (CBO,
3/18/11)

101%: Federal Debt Held By The Public As Share Of GDP In 2021. (CBO, 6/22/11) 69%: Federal Debt Held By The Public As Share Of GDP By End Of The Year. (CBO,
6/22/11)

60%: Voters Who Disapprove Of Obamas Handling Of The Deficit. (McClatchy-Marist Poll,
6/15-6/23/11)

25.9%: Federal Spending As A Share Of GDP By 2021. (CBO, 6/22/11) 18%: Amount GNP Would Be Lowered Due To Debts Effect On Economic Growth By 2035. (CBO, 6/22/11) 17%: Cut To Medicare Benefits When Trust Fund Is Exhausted. (House Ways & Means
Committee Hearing, 6/22/11)

0: Votes Obamas Budget Received In The Senate. (The Hill, 5/25/11)

OBAMA HAS FAILED TO FOLLOW THROUGH ON HIS BUDGET PROMISES

Obama Promised To Cut The Deficit In Half, He Hasnt
PROMISE: In February 2009, Obama Said That He Would Cut The Deficit In Half By The End Of [His] First Term In Office. Yesterday, I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office. (President Barack Obama, Address to Joint Session of Congress, 2/24/09) BROKEN: Obama Has Racked Up Three Record Trillion Dollar Deficits. The federal budget deficit is on pace to break the $1 trillion mark for a third straight year. Record deficits are putting pressure on Congress and the Obama administration to come up with a plan to rein in government spending. Three years ago that would have ranked as the highest ever for a full year. Instead, this year's deficit will likely exceed last year's $1.29 trillion imbalance and nearly match the $1.41 trillion record reached in 2009. The budget year ends on Sept. 30. (Martin Crutsinger, Federal Budget Deficit On Pace To Break $ Trillion For Third Straight Year, The Associated Press, 6/10/11)
The Deficit This Year Is Slated To Reach A Historically High $1.65 Trillion. (Fiscal Year 2012 Budget Of The U.S.
Government, Office Of Management And Budget, 2/14/11)

Obama Promised To Go Through The Budget Line-By-Line, He Hasnt

PROMISE: In 2008, Obama Promised To Go Through The Budget Line By Line, Eliminating Programs That No Longer Work And Making The Ones We Do Need Work Better. But I will also go through the federal budget, line by line, eliminating programs that no longer work and making the ones we do need work better and cost less because we cannot meet twenty-first century challenges with a twentieth century bureaucracy. (Senator Barack Obama, Address Accepting The Presidential Nomination At The Democratic National Convention In Denver:
The American Promise, 8/28/08)

BROKEN: CBO Director Douglas Elmendorf Says Obamas Latest Budget Is Too Vague To Be Scored. REP. PAUL RYAN: The president gave a speech on April 13th, where he outlined a new budget framework that claims $4 trillion in deficit reduction over 12 years, have you estimated the budget impact of this
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framework? ELMENDORF: No, Mr. Chairman. We dont estimate speeches. We need much more specificity than was provided in that speech for us to do our analysis. (Committee On The Budget, U.S. House Hearing,, 6/23/11)

Obama Promised To Get Serious About Reducing The Debt, When?

PROMISE: In 2009, President Barack Obama Promised To Get Serious About Reducing Debt And Deficits. We've got to spend some money now to pull us out of this recession. But as soon as we're out of this recession, we've got to get serious about starting to live within our means, instead of leaving debt for our children and our grandchildren and our great-grandchildren. (President Barack Obama, Remarks By The President To
Caterpillar Employees ,East Peoria, IL, 2/12/09)

BROKEN: Since President Obama Took Office, The National Debt Has Increased By $3.7 Trillion.
(Department Of The Treasury, "The Debt To The Penny And Who Holds It," TreasuryDirect.gov, Accessed 6/24/11)

Obamas FY2012 Budget Adds $13 Trillion In New Debt Through 2021. (Fiscal Year 2012 Budget Of The U.S.
Government, Office Of Management And Budget, 2/14/11)

Obama Promised To Roll Back Earmarks To 1994 Levels, Not Even Close
PROMISE: During The 2008 Campaign, Obama Pledged To Return Earmarks To 1994 Levels. Barack Obama Is Committed To Returning Earmarks To Less Than $7.8 Billion A Year, The Level They Were At Before 1994 (The Change We Need In Washington, Obama For America, 2008) BROKEN: Politifact: Earmarks Continued Unabated So Our Rating Remains Promise Broken. (Louis
Jacobson, Earmarks Continue Unabated, Politifact, 2/19/10)

In FY2010, Appropriations Bills Contained Over 9,000 Earmarks Worth Almost $16 Billion. On Feb. 17, 2010, Taxpayers for Common Sense, a leading watchdog group, released its study of congressional earmarking for fiscal year 2010. For that fiscal year, the group says, appropriations bills contained 9,499 congressional earmarks worth $15.9 billion. The group's apples-to-apples comparison found that earmarking increased slightly from the prior year -- from $15.6 billion to $15.9 billion. (Louis Jacobson, Earmarks Continue Unabated, Politifact, 2/19/10)

Obama Promised To Use The Fiscal Commission To Reduce The Deficit, He Ignored Them
PROMISE: Obama Promised To Use The Fiscal Commission To Spend The Next Year Making The Tough Choice Necessary To Further Reduce Out Deficit. OBAMA: And Once The Bipartisan Fiscal Commission Finishes Its Work, I'll Spend The Next Year Making The Tough Choices Necessary To Further Reduce Our Deficit And Lower Our Debt, Whether I Get Help From The Other Side Or Not. (Barack Obama, Remarks
On The National Economy, Parma, OH, 9/8/10)

BROKEN: The Washington Post: Having Been Given The Chance, The Cover And The Push By The Fiscal Commission President Obama, In His Fiscal 2012 Budget Proposal, Chose Instead To Duck. 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. (Editorial, President Obama's Budget Kicks The Hard Choices Further Down The Road, The Washington Post,
2/15/11)

The Washington Post: Obamas Proposal Falls Short Of Targets Set By His Deficit Commission. President Obama unveiled a framework Wednesday to reduce borrowing over the next 12 years by $4 trillion a goal that falls short of targets set by his deficit commission and House Republicans and called for a new congressional commission to help develop a plan to get there. (Breaking News Alert: Obama Unveils Plan To
Reduce Borrowing By $4 Trillion Over The Next 12 Years, The Washington Post, 4/13/11)

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