the obama book: budget & tax chapter

7/31/2019 The Obama Book: Budget & Tax Chapter

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BUDGET & TAX CHAPTER

PRESIDENT OBAMA IS THEUNDISPUTED DEBT KING

Politifact:Obama Is The Undisputed Debt KingOf The Last Five Presidents.So bythis measurement -- potentially a more important one -- Obama is the undisputed debt kingof the last five presidents, rather than the guy who added a piddling amount to the debt, asPelosis chart suggested.(Louis Jacobson, Nancy Pelosi Posts Questionable Chart On Debt Accumulation By Barack Obama,Predecessors,Politifact, 5/19/11)

Obama Has Added To The Debt More Rapidly Than Any President

Obama Is 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 hasnow increased $4 trillion on President Obamas watch. The debt was $10.626 trillion on theday Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit$14.639 trillion. Its the most rapid increase in the debt under any U.S. president. (Mark Knoller,National Debt Has Increased $4 Trillion Under Obama,CBS News, 8/22/11)

Obama Has Increased Each Americans Share Of The National Debt By $18,048To A Total Of $52,467.(U.S. Treasury Department, Accessed 10/30/12;U.S. Census Bureau, Accessed 10/30/12)

Since Obama Took Office, The National Debt Has Increased By Over $5.5 Trillion, AnIncrease Of Over 52 Percent. (U.S. Treasury Department, Accessed 10/30/12)

Congressional Budget Office: The Amount Of Federal Debt Held By The PublicHas Skyrocketed In The Past Few Years The amount of federal debt held bythe public has skyrocketed in the past few years, rising from 40 percent of GDP atthe end of 2008 to reach an estimated 67 percent by the end of this year.(The BudgetAnd Economic Outlook: An Update,Congressional Budget Office, 8/24/11)

WaPo: [Obamas] Record On The Growth Of National Debt Is The Worst OfRecent Presidents.But the fact remains that under basic economic measures, notphony ones, his record on the growth of the national debt is the worst of recentpresidents (Glenn Kessler A Bogus Chart On Obama And The Debt Gets A New Lease On Life The Washington Posts
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presidents (Glenn Kessler A Bogus Chart On Obama And The Debt Gets A New Lease On Life The Washington Post s

Obamas Debt Binge Shows No Sign Of Ending

The National Debt Will Continue To Rise As Far As The Eye Can See.The federalbudget sent to Congress last month by Mr. Obama, projects the National Debt will continueto rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012,

$17.5 trillion in 2013 and $25.9 trillion in 2022.(Mark Knoller, National Debt Has Increased More UnderObama Than Under Bush,CBS News, 3/19/12)

Obamas Budget Would Increase The Total Federal Debt To $25.4 Trillion ByThe End of 2022. (Mid-Session Review, Fiscal Year 2013,Office Of Management And Budget, 7/27/12)

Obamas Budget Runs A Cumulative Deficit Of $6.4 Trillion From 2013 To2022. (Mid-Session Review, Fiscal Year 2013,Office Of Management And Budget, 7/27/12)

Obama Acknowledged That If We Fail To Control Our Debt, It Could Lead To ADouble-Dip Recession

Obama Believed That A Failure To Control The Deficit Would Make It Harder ForThe Economy To Grow.Obama wants to reduce the deficit because hes concerned thatover time, federal borrowing will make it harder for the U.S. economy to grow and createjobs, said the official, speaking on the condition of anonymity. (Hans Nichols, Obama Plans To ReduceBudget Deficit To $533 Billion By 2013,Bloomberg, 2/21/09)

Obama Recognized That If We Failed To Control Our Debt It Could Lead To ADouble-Dip Recession. OBAMA: It is important though to recognize if we keep onadding to the debt, even in the midst of this recovery, that at some point, peoplecould lose confidence in the U.S. economy in a way that could actually lead to adouble-dip recession.(Fox News, Interview With Major Garrett, 11/18/09)

VIDEO: Obama: Failure To Control Our Debt Could Cause Double-DipRecession

But Obama Has Failed To Prevent Our Debt From Rising To Dangerous Levels

CBO Director Douglas Elmendorf: Growing Debt Increases Risk OfSudden FiscalCrisis Growing debt also would increase the probability of a sudden fiscal crisis during
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ranging from 80 to 100 percent of gross domestic product (GDP) begins to thwartgrowth.(John Carney, From Jackson Hole: A Defense Of The Debt Ceiling,CNBC, 8/29/11)

The Governments Debt Is So Large That At This Point It Could Be Fueling TheRecession

The Government Is In A Debt Trap That Could Be Fueling The Recession.Ourrecession may be driven, at this point, by the balance sheet of the government. Repairingthat balance sheet by lowering spending may be the only way out of the debt trap. Call itthe New Paradox of Thrift: the government can stimulate growth only by refusing toborrow. We need thrift all the way down.(John Carney, From Jackson Hole: A Defense Of The Debt Ceiling,CNBC,8/29/11)

Public-Sector Debt In The U.S. Grew From 58 Percent Of GDP In 2000 To 97Percent In 2010. That Almost Certainly Puts Us Beyond The Threshold WhereOur Debt Is Restraining Economic Growth.(John Carney, From Jackson Hole: A Defense Of TheDebt Ceiling,CNBC, 8/29/11)

CNBCs John Carney: This Badly Undermines The Keynesian Case For MoreDeficit Spending Since It Could Lead To Lower Growth.This has seriousimplications for economic theory. It badly undermines the Keynesian casemadeby the like of Paul Krugmanfor having government spending and borrowing

increase to ameliorate the downturn. It implies that more spendingat least whenfinanced by debtwill lead to lower growth rather than higher growth.(John Carney,From Jackson Hole: A Defense Of The Debt Ceiling,CNBC, 8/29/11)

Obama Received The Largest Debt Ceiling Increase In History, Despite Voting AgainstRaising The Debt Ceiling As A Senator

FactCheck.org: Obamas Request To Raise The Debt Ceiling Is The Largest InHistory.Obama said raising the debt ceiling has been a common occurrence over the last

60 years. Thats true, but this request is the largest in history, even in inflation-adjusteddollars.(FactChecking Dueling Debt Speeches,FactCheck.org, 7/27/11)

Obama Wanted An Increase Large Enough To Prevent Having To Face The
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In 2006, Obama Opposed Raising The Debt Limit, Saying America Has A Debt And AFailure Of Leadership. Americans Deserve Better. OBAMA: The fact that we are heretoday to debate raising Americas debt limit is a sign of leadership failure. IncreasingAmericas debt weakens us domestically and internationally. Leadership means thatthebuck stops here. Instead, Washington is shifting the burden of bad choices today onto thebacks of our children and grandchildren. America has a debt and a failure of leadership.Americans deserve better. I therefore intend to oppose the effort to increase Americasdebt limit.(Sen. Barack Obama, Congressional Record, 3/16/06, p. 2237- 2238)

Obama Said That Vote Was Politically Motivated.OBAMA: As President, youstart realizing, You know what? We-- we cant play around with this stuff. This isthe full faith in credit of the United States. And so that was just a example of a newSenator you know, making what is a political vote as opposed to doing what wasimportant for the country. And Im the first one to acknowledge it.(ABC NewsWorldNews, 4/14/11)

Then-Sen. Obama Used His Vote To Make A Point About Getting SeriousAbout Fiscal Discipline.Then-Sen. Obama used the vote to make a point aboutneeding to get serious about fiscal discipline.His vote was not necessarily neededon that.(Jake Tapper, Gibbs: Senator Obama Only Voted Against Raising Debt Ceiling In 2006 Because He Knew ItWould Pass Anyway,ABCs Political Punch, 1/5/11)

OBAMA PROMISED TO CUT THE DEFICIT IN HALF BUT INSTEAD RACKED UPTHREE RECORD DEFICITS

PROMISE: Obama Pledged To Cut The Deficit In Half By The End Of His First Term.OBAMA:And thats why today Im pledging to cut the deficit we inherited by half by theend of my first term in office.(President Barack Obama,Remarks At The Fiscal Responsibility Summit, Washington, D.C.,2/23/09)

President Barack Obama Plans To Cut The U.S. Budget Deficit To $533 BillionBy The End Of His First Term (Hans Nichols, Obama Plans To Reduce Budget Deficit To $533 Billion By2013,Bloomberg, 2/21/09)
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shrink, it remains very large by historical standards, it says.(Erik Wasson, CBO: Deficit Is 493Billion Larger,The Hills On The Money, 3/13/12)

Politifact Rated The Claim That Obama Hasnt Even Come Close To Halving TheDeficit As He Promised As True.Obama indeed made the pledge on Feb. 23, 2009,

following a Fiscal Responsibility Summit shortly after his inauguration. (Watch more ofhis remarks that day.) He said then that the nations $1.3 trillion deficit was the largest inthe nations history. It was mostly unchanged through fiscal year 2011. In 2012? Itsexpected to be $1.17 trillion. So not cut in half. Thats according to the nonpartisanresearchers at the Congressional Budget Office in a March 2012 report. (Katie Sanders, ObamaPromised To Cut The Deficit By Half By The End Of His First Term But He Hasnt Even Come Close,Politifact, 5/16/12)

Politifact: Obama Promised To Halve The Nations Debt, But He HasntManaged To Chip Away Much As The End Of His First Term Nears.(Katie Sanders,Obama Promised To Cut The Deficit By Half By The End Of His First Term But He Hasnt Even Come Close,Politifact,5/16/12)

Obama Has Run Up The Four Largest Deficits In U.S. History

This Is The Fourth Straight Year That The Deficit Will Exceed One Trillion Dollars,All Under President Obama. (Erik Wasson, CBO Says 2012 Deficit Has Reached $1.17T,The Hill, 9/10/12)

FY2009: The Federal Budget Deficit Was $1.413 Trillion, The Highest In U.S.History. (Monthly Budget Review: November 2011,Congressional Budget Office, 11/7/11)

FY2010: The Federal Budget Deficit Was $1.294 Trillion, The Third Highest InU.S. History. (Monthly Budget Review: November 2011,Congressional Budget Office, 11/7/11)

FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second HighestIn U.S. History. (Monthly Budget Review: November 2011,Congressional Budget Office, 11/7/11)

FY2012: The Federal Budget Deficit Was $1.1 Trillion, The Fourth Highest InU.S. History. (Monthly Budget Review: Fiscal Year 2012,Congressional Budget Office, 10/5/12)

Obamas FY2013 Budget Increases The Deficit More Than His FY2012 Budget AndWill Have A More Negative Long-Run Effect. The effects of the 2013 budget differ
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OBAMA IGNORED REPEATED WARNINGS TO CONTROL OUR DEFICIT ANDAMERICAS CREDIT RATING WAS DOWNGRADED FOR THE FIRST TIME

Obama Was Repeatedly Warned By Ratings Agencies To Control Our Deficits Or RiskA Downgrade

In 2009, Moodys Warned The U.S. Could Lose Its AAA Rating If The Deficit Is NotControlled.Under the most pessimistic scenario put forward by Moodys, the U.S. wouldlose its top rating in 2013 if economic growth proves anemic, interest rates rise and thegovernment fails to dent the deficit or recover most of its assistance to the financial sector.(Joanna Slater, Moodys Puts U.S., U.K. on Chopping Block,The Wall Street Journal,12/8/09)

In 2010, Moodys Again Warned That A Failure To Bring Down The Deficit May ResultIn The Loss Of Our Triple-A Rating.Moodys Investors Service warned on Wednesdaythat the triple-A rating of U.S. treasury bonds could be in peril unless the federal budgetdeficit is reduced or the economy grows more vigorously than expected.(Jake Tapper, Geithner:U.S. Will Not Lose AAA Bond Rating,ABC News Political Punch, 2/7/10)

In 2011, Standard & Poors Warned The Obama Administration To Get A Grip On ItsFinances Or Risk Losing The Nations Sterling Credit Rating.A key credit agencyissued an unprecedented warning to the United States government Monday, urgingWashington to get a grip on its finances or risk losing the nations sterling credit rating.

(Paul Wiseman, S&P Warning: Fix Deficit Or Risk Credit Downgrade,The Associated Press, 4/19/11)

S&P Warns: Fix The Deficit, Or Else.(Jacob Goldstein, S&P Warns: Fix The Deficit, Or Else,NPRsPlanet Money, 4/18/11)

Treasury Secretary Geithner Repeatedly Claimed That There Was No Chance The USWould Lose Its AAA Credit Rating

Asked In February 2010 If The U.S. Was At Risk Of Losing Its AAA Rating, Timothy

Geithner Said, Absolutely Not. Absolutely not. And that will never happen to thiscountry. When people were most worried about the stability of the world, they still foundsafety in the Treasuries and the dollar, he continued. That is a very, very important sign ofbasic confidence in our capacity as a country to work together to fix these problems.(Jake
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VIDEO: Geithner Says No Risk That U.S. Would Lose AAA RatingThe Downgrade Of America On Obamas Watch Is Part Of The Presidents

Ignominious Legacy

Standard & Poors Lowered The U.S. Credit Rating For The First Time, AnIgnominious Legacy For Obama.(George E. Condon Jr., What A Week: Afghan Deaths, S&P, And Debt Limit DebateChallenge Obama,National Journal, 8/6/11)

The Downgrade, Hours After Markets Closed On Friday, Is A First For TheUnited States Since It Was Granted An AAA Rating In 1917.(Paul Wiseman, USDowngrade Raises Anxiety, If Not Interest Rates,The Associated Press, 8/6/11)

President Obama Is Now Firmly Part Of The Landscape That S&P Trashed.But ashe prepares to head out of town on Aug. 15, the bad news keeps piling up: new fears of adouble-dip recession, a jumpy stock market and then Standard & Poors downgrade onFriday of the nations triple-A credit rating for the first time in history. S&P blamedWashingtons dysfunctional political culture for its move. Knocking Washington gridlock isa favorite topic of Obamas as well, but he is now firmly part of the landscape that S&Ptrashed.(Carrie Budoff Brown and Glenn Thrush, Obamas Bus Trip Could Hit Speedbumps,Politico, 8/7/11)

Obamas Reaction To The S&P Downgrade Did Nothing To Reassure Americans AsHe Used The Occasion To Call For Higher Taxes Again

In His First Speech After The Downgrade, Obama Said Our Debt Was Still HighlyRegarded; Despite His Comments, The Main Wall Street Share Index, The Dow Jones,Extended Its Losses, Falling 4%.In his first public reaction to Standard & Poorsdowngrading the US, President Obama said markets continued to regard US governmentdebt as being the highest possible grade. Yet despite his comments, the main Wall Streetshare index, the Dow Jones, extended its losses, falling 4%. Prior to President Obamasspeech, the Dow had only been 2.5% lower.(Markets Fall Despite Obama Speech,BBC, 8/8/11)

The Dow Plunged Another 100 Points To Hover Around 500 After ThePresidents Speech.President Obama spoke this afternoon, saying the UnitedStates knew well before the S&P downgrade that it had a debt problem The U S will
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Thats right. We have a tumbling stock market, over 9 percent unemployment and a flightto gold (some investment advisers say it will be at $2,500 per ounce by years end). All hecan do is promise to raise taxes.(Jennifer Rubin, Obamas Horrifyingly Bad Speech,The Washington Posts Right Turn,8/8/11)

This Illuminated Obamas Predicament Devoid Of Ideas, Bitter AboutPolitical Opposition And Completely In Over His Head.(Jennifer Rubin, ObamasHorrifyingly Bad Speech,The Washington Posts Right Turn, 8/8/11)

MSNBCs Chuck Todd: You Get The Sense, WH Knew They Had To Say SomethingGiven The News Of The Weekend But He Didnt Have Much NEW To Say.(Chuck Todd,Twitter Feed, 8/8/11)

Politicos Ben White: He Had One Good Line In There, AAA Country, And He Buried ItUnder A Pile Of Tired Old Partisan Garbage.(Ben White, Twitter Feed, 8/8/11)

White: Holy Cow. Really? Hes Talking About Tax Hikes Again?(Ben White, TwitterFeed, 8/8/11)

Due To The Failure Of President Obama To Lead, Ratings Agencies Are Issuing NewWarnings

Fitch Ratings Cuts The US Outlook To Negative And Warns Our Projected DebtLevels Are Not Consistent With AAA Rating.Fitchs revised fiscal projections envisage

federal debt held by the public exceeding 90% of national income (GDP) and debt interestconsuming more than 20% of tax revenues by the end of the decade, and including the debtof state and local governments - gross general government debt will reach 110% of GDPover the same period. In Fitchs opinion, such a level of government indebtedness would nolonger be consistent with the U.S. retaining its AAA status despite its underlying strengths.Such high levels of indebtedness would limit the scope for counter-cyclical fiscal policiesand the U.S. governments ability to respond to future economic and financial crises.(PressRelease, Fitch Affirms United States AtAAA; Outlook Revised To Negative,Fitch Ratings, 11/28/11)

Moodys Warned That It Would Downgrade The U.S. Governments Debt If No DebtSolution Is Found By The End Of The Year. Congressional leaders dug in their heels onTuesday against any quick deal to resolve a looming fiscal disaster before the election even
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If Those Negotiations Fail To Produce Such Policies, However, MoodysWould Expect To Lower The Rating. (Jonathan Weisman, Moodys Warns That U.S. May Face DebtDowngrade,The New York Times, 9/11/12)

The Moodys Warning Is Yet Another Reminder That Stalled NegotiationsCould Lead To Much Of The Tumult That Occurred In The Summer Of 2011And That Resulted In Historic Market Volatility.But the Moodys warning isyet another reminder that stalled negotiations could lead to much of the tumult thatoccurred in the summer of 2011. Back then, S&P downgraded the U.S. credit ratingafter the debt-ceiling debacle, which led to some historic market volatility.(StevenRussolillo, Moodys Warns On U.S. Debt Rating Ahead Of Fiscal Cliff,The Wall Street Journal, 9/11/12)

OBAMAS CLAIM THAT HIS PLAN CUTS THE DEFICIT BY $4 TRILLION IS

SIMPLY NOT ACCURATEAND INDEPENDENT ANALYSTS AGREE

President Obama Claims ThatIndependent Analysis Showed His Deficit Plan Cuts$4 Trillion. OBAMA: Now, independent analysis says that my plan for reducing ourdeficits would lower them by $4 trillion. Thats with a T -- $4 trillion. And Ive worked withRepublicans in Congress already to cut a trillion dollars in spending, and I m willing to domore.(President Barack Obama, Remarks By The President At A Campaign Event, Melbourne, FL, 9/9/12)

Obama Rolled Out The Bogus Claim In His Acceptance Speech At The DemocratNational Convention: Independent AnalysisShows That My Plan WouldCutOur Deficits By $4 Trillion.(President Barack Obama, Remarks At The Democratic National Convention,Charlotte, NC, 9/6/12)

The Washington Posts Glenn Kessler: The Repeated Claim That ObamasBudget Reduces The Deficit By $4 Trillion Is Simply Not Accurate. VirtuallyNo Serious Budget Analyst Agreed With This Accounting.(Glenn Kessler, Fact Checking

Bill Clintons Speech And Other Democrats At The Convention In Charlotte,The Washington Post, 9/6/12)The Co-Chairs Of Obamas Fiscal Commission Say Obamas Plan Falls Short Of $4

Trillion
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$1.5-$2 trillion worth of deficit reduction evaporates.(Megan McArdle, Obamas DeficitReduction: A Campaign Document, Not A Policy Plan,The Atlantic, 9/20/11)

Obamas New $4 Trillion Target Over 10 Years Resets The Goalposts WithSome Fancy Budget Footwork.Obamas new $4 trillion target over 10 years

resets the goalposts with some fancy budget footwork. For one thing, it includes $1trillion in cuts already signed into law. And it assumes that Congress will pass theadministrations plan to raise the capital gains tax, boost taxes on householdsearning over $250,000 a year and impose a minimum 30 percent tax on incomesabove $1 million. It also assumes a reduction in the amount of interest thegovernment must pay on its debt. (Calvin Woodward and Tom Raum, FACT CHECK: Obama And ThePhantom Peace Dividend,The Associated Press, 9/7/12)

The Economist: Much Of His Purported Spending Reduction Is AccountingLegerdemain.Much of his purported spending reduction is accountinglegerdemain: he claims to save more than $800 billion from drawing downoperations in Iraq and Afghanistan, but most of that was never going to be spentanyway. His cuts to Medicare and Medicaid consist almost entirely of squeezinghealth-care providers; benefits and beneficiaries are spared.(Barack Obamas Budget: ThePhony War,The Economist, 2/13/12)

In Effect, Most Of Obamas Claimed Deficit Reduction Comes From HisProposed Tax Increases.There are a number of other games being played, sofake money is being used to pay for real spending projects. In effect, most ofObamas claimed deficit reduction comes from his proposed tax increases.(GlennKessler, Fact Checking Bill Clintons Speech And Other Democrats At The Convention In Charlotte,The Washington Post's TheFact Checker, 9/6/12)

Independent Analysts Have Panned Obamas Deficit Plan

Independent Budget Experts Say Obamas Debt Plan Falls Short Of Its Claimed $4

Trillion In Savings.President Obama projects that his new plan for reducing the federaldebt will save more than $3 trillion over the next decade by raising taxes on the wealthyand slashing spending on a host of government programs, from farm subsidies to federalworker pensions. But independent budget experts said the blueprint that Obama unveiled
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Robert Bixby, Executive Director Of The Bipartisan Concord Coalition: Almost$2 Trillion Of The $3 Trillion [Savings] Total Is Obtained By Choosing TheMost Convenient Baseline Assumption Almost $2 trillion of the $3 trillion[savings] total is obtained by choosing the most convenient baseline assumption,said Robert Bixby, executive director of the bipartisan Concord Coalition. There are,of course, some legitimate proposals here, but not the kind of structural changesthat are needed in entitlement programs and tax expenditures to put the budget ona sustainable path.(Lori Montgomery And Jia Lynn Yang, Budget Analysts Say Obama Deficit Plan Is Likely ToMiss Its Targets,The Washington Post, 9/19/11)

A Large Part Of Obamas Cuts Come From A Peace Dividend From Money That WasNever Going To Be Spent

Obama Says He Would Use The Money Were No Longer Spending On War To PayDown Our Debt.OBAMA: Ill use the money were no longer spending on war to paydown our debt and put more people back to work rebuilding roads and bridges, schoolsand runways. After two wars that have cost us thousands of lives and over a trillion dollars,its time to do some nation-building right here at home.(President Barack Obama , Remarks At TheDemocratic National Convention, Charlotte, N.C., 9/6/12)

The Idea Of Taking War Savings To Pay For Other Programs Is A Budgetary SleightOf Hand And Is Just As Misleading Now As It Was In His State Of The Union Speech

Last January. The idea of taking war savings to pay for other programs is budgetarysleight of hand, given that the wars were paid for with increased debt. Obama canessentially pay down our debt, as he said, by borrowing less now that war is ending. Buthe still must borrow to do the extra nation-building he envisions.(Calvin Woodward and Tom Raum,FACT CHECK: Obama And The Phantom Peace Dividend,The Associated Press, 9/7/12)

Obama Used A Major Budget Gimmick By Which The Administration Is AbleTo Claim Credit For Saving Money It Never Intended To Spend.In other

words, by projecting war spending far in the future, the administration is able toclaim credit for saving money it never intended to spend. (Imagine taking credit forsaving money on buying a new car every year, even though you intended to keepyour car for ten years.) Rather than good arithmetic, independent budget
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Obamas Plan Fails To Address The Long-Term Entitlement Crisis And Is Unlikely ToRestore Our Credit Rating

Obamas Plan Barely Touches Entitlement Reform Which Standard And Poors SaidWas Key To Long-Term Fiscal Sustainability.An aging population will strain public

finances further in coming years, consuming more healthcare and pension benefits offeredby the federal government. In its downgrade, S&P said funding those future outlays waskey to long-term fiscal sustainability. But less than a tenth of the savings in Obamas planto cut budget deficits by $3.6 trillion would come from health spending. Reforms to theSocial Security pension program were left out altogether. (Jason Lange, Analysis: Obama Deficit PlanUnlikely To Impress Ratings Firms,Reuters, 9/20/11)

Obamas Reliance On War Savings Over Entitlement Reforms Will NotImpress Wall Street Credit Rating Agencies.President Barack Obamas plan totame U.S. budget deficits probably relies too much on ending wars and too little ontackling health care spending to impress Wall Street credit rating agencies. (JasonLange, Analysis: Obama Deficit Plan Unlikely To Impress Ratings Firms,Reuters, 9/20/11)

Former Clinton Budget Director Alice Rivlin And Former Senator Pete Domenici: InTen Years, Entitlement Costs Spiral Out Of Control And Revenues Are Inadequate ToDeal With A Wave Of Retiring Baby Boomers.While his budget stabilizes debt overthe next decade, the real problem arrives thereafter, as entitlement costs spiral out of

control and revenues are inadequate to deal with a wave of retiring baby boomers, formerWhite House budget office director Alice Rivlin and former Senate Budget chairman PeteDomenici said in a statement.(Jeanne Sahadi, Obama Budget Fails To Tackle Entitlements,CNN Money, 2/14/12)

Former U.S. Comptroller David Walker: In The Year 2022 More Than 78Percent Of Total Outlays (Spending) Will Be On Autopilot - Which Is BothIrresponsible And Unsustainable.Former Comptroller General David Walker,appointed by President Bill Clinton as the nations chief auditor, sharply criticized

Obamas budget. The proposed budget would greatly increase the portion ofgovernment spending that is on autopilot. While the presidents budget cutsdiscretionary spending programs by 1 percent over a 10-year period, mandatory

di d i t t d bt b th 96 t th
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The Washington Posts Fact Checker: Every Year In Office, Obama Has WantedTo Spend More Money Than Congress Would Allow. So in every case, thepresident wanted to spend more money than he ended up getting. Nutting suggeststhat federal spending flattened under Obama, but another way to look at it is that itflattened at a much higher, post-emergency level thanks in part to the efforts oflawmakers, not Obama.(Glenn Kessler, The Facts About The Growth Of Spending Under Obama,TheWashington Post's The Fact Checker, 5/25/12)

Obama Punted The Stimulus To Congress And Got A Bill Full Of Wasteful SpendingAnd Boondoggles

WHAT WE WERE TOLD: Obama Said That The Stimulus Would Be Careful With TheMoney [Taxpayers] Work So Hard To Earn.OBAMA: With a recovery package of this

size comes a responsibility to assure every taxpayer that we are being careful with themoney they work so hard to earn. (President Barack Obama, Remarks On Signing The American Recovery AndReinvestment Act Of 2009, Denver, CO, 2/17/09)

WHAT HAPPENED: Obama Chose To Let Democrats Write The Stimulus And TheyDid What Comes Naturally.Mr. Obama chose to let House Democrats write the bill, andthey did what comes naturally: They cleaned out their intellectual cupboards and wrote abill that is 90% social policy, and 10% economic policy.(Editorial, The Stimulus Tragedy,The Wall StreetJournal, 2/7/09)

Obama Bought The Advice Of Economists Who Said Any Spending, Even The WorstKind Of Boondoggle Was Stimulative. For the Obama transition teams and their allieson the Hill, three questions loomed large in designing the package. The first was whetherthe proposed spending was economically stimulative: Did it save or create jobs, andthereby put money in peoples pockets? It turned out that economists believed almost anyspending met this criterion. In a recession even the worst kind of boondoggle is stimulative,a fact that critics had a hard time comprehending.(Jonathan Alter, The Promise, 2010, p84)

In A Rush To Put Together A Stimulus Package The White House Sacrificed Impact,Creativity And Competence.With precious little time for innovative policymaking, itbecame a trade-off of speed over impact, speed over creativity, and, no doubt, speed over
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CBO estimates.(Estimated Impact Of The American Recovery And Reinvestment Act On Employment And Economic OutputFrom July 2011 Through September 2011,Congressional Budget Office, November 2011)

Richmond Times Dispatch: In The Future, Some Jobs That Would Have BeenCreated Otherwise Will Not Be. Of Course, Those Losses May Be Offset By All

The Current Man-Hours Devoted To Stimulus Cheerleading.Finally, the CBOconcedes that in the long run, the stimulus will be harmful because ofthe resultingincrease in government debt. In the future, some jobs that would have been createdotherwise will not be. Of course, those losses may be offset by all the current man-hours devoted to stimulus cheerleading. It might not show up in tables from theBureau of Labor Statistics, but the pro-stimulus snow job may be the biggest ARRA-related job of all.(Editorial, Stimulus: Correction,Richmond Times Dispatch, 11/29/11)

Obama Promised To Curb Earmarks But Just Two Months Into Office He Signed A BillWith Over 8,500 Earmarks

PROMISE: Candidate Obama Pledged To Return Earmarks To 1994 Levels. BarackObama is committed to returning earmarks to less than $7.8 billion a year, the level theywere at before 1994 (The Change We Need In Washington,Obama For America, 2008)

OBAMA: Ive Pledged To Slash Earmarks By More Than Half When I AmPresident.OBAMA: The truth is, our earmark system in Washington is fraught

with abuse. It badly needs reform - which is why I didnt request a single earmarklast year, why Ive released all my previous requests for the public to see, and whyIve pledged to slash earmarks by more than half when I am President.(Sen. BarackObama,Remarks, Green Bay, WI, 9/22/08)

FAIL: After Two Months In Office, Obama Signed A $410 Billion OmnibusSpending Bill In March 2009 Containing Over 8,500 Earmarks Worth $7.7Billion.Obama signed a $410 billion spending bill Wednesday ... that includes more than

8,500 pet projects worth $7.7 billion.(Jonathan Weisman and Greg Hitt, Obama Outlines Plan To CurbEarmarks,The Wall Street Journal, 3/12/09)

Fearing A Fight With Congressional Democrats, Obama Caved And Signed AnOmnibus Full Of The Kind Of Crap That He Felt He Shouldnt Be Signing It
http://cbo.gov/ftpdocs/125xx/doc12564/11-22-ARRA.pdfhttp://cbo.gov/ftpdocs/125xx/doc12564/11-22-ARRA.pdfhttp://cbo.gov/ftpdocs/125xx/doc12564/11-22-ARRA.pdfhttp://www2.timesdispatch.com/news/rtd-opinion/2011/nov/29/tdopin01-correction-ar-1499408/http://www2.timesdispatch.com/news/rtd-opinion/2011/nov/29/tdopin01-correction-ar-1499408/http://www2.timesdispatch.com/news/rtd-opinion/2011/nov/29/tdopin01-correction-ar-1499408/http://obama.3cdn.net/0080cc578614b42284_2a0mvyxpz.pdfhttp://obama.3cdn.net/0080cc578614b42284_2a0mvyxpz.pdfhttp://obama.3cdn.net/0080cc578614b42284_2a0mvyxpz.pdfhttp://www.presidency.ucsb.edu/ws/index.php?pid=84331&st=earmarks&st1=#ixzz1fz1wwoGXhttp://www.presidency.ucsb.edu/ws/index.php?pid=84331&st=earmarks&st1=#ixzz1fz1wwoGXhttp://www.presidency.ucsb.edu/ws/index.php?pid=84331&st=earmarks&st1=#ixzz1fz1wwoGXhttp://online.wsj.com/article/SB123680763049200481.htmlhttp://online.wsj.com/article/SB123680763049200481.htmlhttp://online.wsj.com/article/SB123680763049200481.htmlhttp://online.wsj.com/article/SB123680763049200481.htmlhttp://www.presidency.ucsb.edu/ws/index.php?pid=84331&st=earmarks&st1=#ixzz1fz1wwoGXhttp://obama.3cdn.net/0080cc578614b42284_2a0mvyxpz.pdfhttp://www2.timesdispatch.com/news/rtd-opinion/2011/nov/29/tdopin01-correction-ar-1499408/http://cbo.gov/ftpdocs/125xx/doc12564/11-22-ARRA.pdf


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In FY2010, Appropriations Bills Contained Over 9,000 Earmarks WorthAlmost $16 Billion. For that fiscal year, the group says, appropriations billscontained 9,499 congressional earmarks worth $15.9 billion.(Louis Jacobson, EarmarksContinue Unabated,Politifact, 2/19/10)

Obama Revived A Deeply Flawed PAYGO Rule In An Attempt To Look Serious AboutSpending

PROMISE: President Obama Promised That PAYGO Would Force The Government ToLive Within Our Means By Requiring Spending To Be Paid For. OBAMA: And thatswhy last week, I signed into law the PAYGO billsays very simply that the United States ofAmerica should pay as we go and live within our means again, just like responsible familiesand businesses do.(President Barack Obama,Remarks on Signing an Executive Order Establishing the National Commissionon Fiscal Responsibility and Reform and an Exchange With Reporters, Washington, D.C., 2/18/10)

FAIL: The Washington Post: Obamas So-Called PAYGO Rule Has $2.8 TrillionLoophole. First, as under existing House and Senate rules, what is known as the PAYGOlaw would not apply to discretionary spending programs, which account for about 40percent of the federal budget Second, Mr. Obama would write into the law four whoppingexceptions to the pay-as-you-go rule This adds up to a $2.8 trillion loophole over 10years.(Editorial, The Obama Diet,The Washington Post, 6/12/09)

The Washington Post: [T]he Presidents Self-Congratulatory Back-PattingAbout Fiscal Rectitude Is More Than A Bit Hard To Take In Light Of The HugeExceptions He Would Grant.(Editorial, The Obama Diet,The Washington Post, 6/12/09)

Obama Tried To Distract From His Deficits With A Symbolic Spending Freeze

PROMISE: Obama Promised To Pay For His Deficits With A Three-Year DiscretionarySpending Freeze. OBAMA: So tonight Im proposing specific steps to pay for the trilliondollars that it took to rescue the economy last year. Starting in 2011, we are prepared tofreeze Government spending for 3 years. (President Barack Obama, Address Before A Joint Session Of Congress OnThe State Of The Union, Washington, D.C., 1/27/10)

FAIL: A White House Official Admitted The So-Called Spending Freeze Was Mainly
http://www.politifact.com/truth-o-meter/promises/obameter/promise/431/reduce-earmarks-to-1994-levels/http://www.politifact.com/truth-o-meter/promises/obameter/promise/431/reduce-earmarks-to-1994-levels/http://www.politifact.com/truth-o-meter/promises/obameter/promise/431/reduce-earmarks-to-1994-levels/http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CDUQFjAC&url=http%3A%2F%2Fwww.whitehouse.gov%2Fthe-press-office%2Fremarks-president-establishing-national-commission-fiscal-responsibility-and-reform&ei=qCaHT_CyA6jZ0QHn1MzcCA&usg=AFQjCNGfhttp://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CDUQFjAC&url=http%3A%2F%2Fwww.whitehouse.gov%2Fthe-press-office%2Fremarks-president-establishing-national-commission-fiscal-responsibility-and-reform&ei=qCaHT_CyA6jZ0QHn1MzcCA&usg=AFQjCNGfhttp://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CDUQFjAC&url=http%3A%2F%2Fwww.whitehouse.gov%2Fthe-press-office%2Fremarks-president-establishing-national-commission-fiscal-responsibility-and-reform&ei=qCaHT_CyA6jZ0QHn1MzcCA&usg=AFQjCNGfhttp://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CDUQFjAC&url=http%3A%2F%2Fwww.whitehouse.gov%2Fthe-press-office%2Fremarks-president-establishing-national-commission-fiscal-responsibility-and-reform&ei=qCaHT_CyA6jZ0QHn1MzcCA&usg=AFQjCNGfhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.presidency.ucsb.edu/ws/index.php?pid=87433&st=&st1=#axzz1doKVXCoRhttp://www.presidency.ucsb.edu/ws/index.php?pid=87433&st=&st1=#axzz1doKVXCoRhttp://www.presidency.ucsb.edu/ws/index.php?pid=87433&st=&st1=#axzz1doKVXCoRhttp://www.presidency.ucsb.edu/ws/index.php?pid=87433&st=&st1=#axzz1doKVXCoRhttp://www.presidency.ucsb.edu/ws/index.php?pid=87433&st=&st1=#axzz1doKVXCoRhttp://www.presidency.ucsb.edu/ws/index.php?pid=87433&st=&st1=#axzz1doKVXCoRhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103665.htmlhttp://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CDUQFjAC&url=http%3A%2F%2Fwww.whitehouse.gov%2Fthe-press-office%2Fremarks-president-establishing-national-commission-fiscal-responsibility-and-reform&ei=qCaHT_CyA6jZ0QHn1MzcCA&usg=AFQjCNGfhttp://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CDUQFjAC&url=http%3A%2F%2Fwww.whitehouse.gov%2Fthe-press-office%2Fremarks-president-establishing-national-commission-fiscal-responsibility-and-reform&ei=qCaHT_CyA6jZ0QHn1MzcCA&usg=AFQjCNGfhttp://www.politifact.com/truth-o-meter/promises/obameter/promise/431/reduce-earmarks-to-1994-levels/


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this week could impose serious risks on the economy and force cuts to essential programssuch as Medicare and Social Security. The White House, in a statement, said it stronglyopposed the balanced budget amendment being considered by the House.(Jim Abrams, WhiteHouse Opposes Balanced-Budget Amendment,The Associated Press, 11/15/11)

President Obamas Re-Election Campaign Is Pushing Back On A ProposedConstitutional Amendment To Balance The Federal Budget That The Republican-RunU.S. House Is Scheduled To Vote On Friday.(David Jackson, Obama Campaign Bashes Balanced BudgetAmendment,USA Todays The Oval,11/17/11)

According To The Campaign, A Balanced Budget Amendment WouldJeopardize Everything From Education And Medicare To Nutrition And HealthPrograms For At-Risk Children.If passed, the Republican proposal wouldrequire deep spending cuts that could jeopardize everything from education and

Medicare to nutrition and health programs for at-risk children, says the Obamacampaign website.(David Jackson, Obama Campaign Bashes Balanced Budget Amendment,USA Todays TheOval,11/17/11)

The Campaign Claims Medicare And Social Security Will Be Cut In CrucialBattleground States.According to the Obama team, Medicare could be cut by: $2.4billion in Virginia; $4.4 billion in Michigan; and $1.1 billion in Iowa. Their list ofpossible Social Security cuts: $12.9 billion in Florida; $3.7 billion in Arizona; and

$5.9 billion in North Carolina.(David Jackson, Obama Campaign Bashes Balanced Budget Amendment,USATodays The Oval,11/17/11)

White House Press Secretary Jay Carney Says That Our Debt Problem Does NotRequire A Constitutional Amendment. CARNEY: A balanced budget amendment has,today and has always been, about ducking responsibility rather than taking our challengeshead on. This is not -- we dont need -- I mean, the Constitution should not be used tosimply abdicate responsibility. What we need to do here is not complicated. It does notrequire a constitutional amendment and the ratification by preponderance of states here.(The White House, Press Briefing , Washington D.C., 7/13/11)

OBAMA HAS DUCKED HIS CHANCES TO LEAD ON SOLVING OUR LOOMING
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of healthcare costs. You are right to say were not coming before you today to say wehave a definitive solution to that long-term problem. What we do know is, we dontlike yours.(Testimony Before The House Committee On The Budget, U.S. House Of Representatives, 2/16/12)

Obamas FY2013 Budget Failed To Lead On The Deficit, Instead Recycling Old Ideas

Obamas FY2013 Budget Is Essentially The Same Framework He Proposed InSeptember.President Barack Obama will release his budget plan next week, calling for $3trillion in deficit reductions over 10 years, including $1.5 trillion in tax increases to fallmostly on the wealthiest Americans. If that sounds familiar, its because the presidentessentially laid out his budget plan in September, following a failed bipartisan deficit-reduction deal.(Laura Meckler, Budget Plan Has Familiar Ring,The Wall Street Journal, 2/7/12)

Los Angeles Times: Obama Offers No Real Solution To The United States Long-Term Fiscal Problems. The day after the Greek Parliament approved anotherround of deep spending cuts in the face of violent protests, President Obamareleased a budget proposal for the coming fiscal year that offers no real solution tothe United States long-term fiscal problems.(Editorial, What About The U.S. Debt?Los Angeles Times,2/14/12)

The Washington Post: The Final Budget Of His First Term Does Not Reflect TheLeadership On Issues Of Debt And Deficit That Mr. Obama Once Vowed.(Editorial,

Obamas Budget Falls Short, But It Beats Many Alternatives,The Washington Post, 2/13/12)ObamaCare Only Exacerbates The Problems Facing Medicare

Obama Deputy Campaign Manager Stephanie Cutter Bragged About ObamaCaresCuts To Medicare. CUTTER: Well, you know ask the wealthy to pay a little bit more. Cutwaste from the government. Reform Medicare. More than $300 billion in savings fromMedicare. On top of the savings weve already achieved. You know I heard Mitt Romneyderide the $700 billion cuts in Medicare that the president achieved through health care

reform.(CBSFace The Nation, 8/12/12)

Medicare Actuary Richard Foster On ObamaCares Medicare Cuts: Its Pretty Hard ToImagine That They Could Be Sustainable. FOSTER: And the figures you quoted were
http://www.youtube.com/watch?feature=player_embedded&v=s29X6Wm0J1Qhttp://www.youtube.com/watch?feature=player_embedded&v=s29X6Wm0J1Qhttp://www.youtube.com/watch?feature=player_embedded&v=s29X6Wm0J1Qhttp://online.wsj.com/article/SB10001424052970203315804577207573909683752.html?mod=googlenews_wsjhttp://online.wsj.com/article/SB10001424052970203315804577207573909683752.html?mod=googlenews_wsjhttp://online.wsj.com/article/SB10001424052970203315804577207573909683752.html?mod=googlenews_wsjhttp://www.latimes.com/news/opinion/opinionla/la-ed-budget-20120214,0,827935.storyhttp://www.latimes.com/news/opinion/opinionla/la-ed-budget-20120214,0,827935.storyhttp://www.latimes.com/news/opinion/opinionla/la-ed-budget-20120214,0,827935.storyhttp://www.latimes.com/news/opinion/opinionla/la-ed-budget-20120214,0,827935.storyhttp://www.washingtonpost.com/opinions/mr-obamas-2013-budget/2012/02/13/gIQAB3FyBR_story.htmlhttp://www.washingtonpost.com/opinions/mr-obamas-2013-budget/2012/02/13/gIQAB3FyBR_story.htmlhttp://www.washingtonpost.com/opinions/mr-obamas-2013-budget/2012/02/13/gIQAB3FyBR_story.htmlhttp://www.washingtonpost.com/opinions/mr-obamas-2013-budget/2012/02/13/gIQAB3FyBR_story.htmlhttp://youtu.be/YCEgidipc5ghttp://youtu.be/YCEgidipc5ghttp://youtu.be/YCEgidipc5ghttp://youtu.be/YCEgidipc5ghttp://www.washingtonpost.com/opinions/mr-obamas-2013-budget/2012/02/13/gIQAB3FyBR_story.htmlhttp://www.latimes.com/news/opinion/opinionla/la-ed-budget-20120214,0,827935.storyhttp://online.wsj.com/article/SB10001424052970203315804577207573909683752.html?mod=googlenews_wsjhttp://www.youtube.com/watch?feature=player_embedded&v=s29X6Wm0J1Q


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just inadequate so that they may not be viable in the long range. If, in fact, thesefeatures do not prove to be viable, then the actual cost for Medicare will be muchhigher than projected under current law. (Richard S. Foster,Testimony Before The House Committee OnThe Budget, U.S. House Of Representatives, 7/13/11)

CBO: ObamaCares Medicare Policies Could Be Difficult To Sustain Over The LongTerm. Beyond the initial 10-year span, CBO assumed that three Medicare policies thatmight be difficult to sustain over a long periodfurther reductions in payment updates formost providers in the fee-for-service program, the sustainable growth rate mechanism forpayment rates for physicians, and the IPABwould not continue past 2021. Without thosepolicies in place, CBO expects that excess cost growth will follow the path of underlyingexcess cost growth described above. As a result, excess cost growth for Medicare averages1.3 percentage points between 2022 and 2085. Projections of the number of Medicare

beneficiaries are the same as those under the extended-baseline scenario.(Congressional BudgetOffice, The Long-Term Budget Outlook, June 2011, p. 45)

Obamas FY2013 Budget Will Raise Taxes But Wont Curb The Debt

Obamas Budget Will Result In Monumental Tax Increases.The only thing that youcan be certain will become law in this budget if Mr. Obama is re-elected is the monumentaltax increase. His plan would raise tax rates across the board on anyone or any businessowners making more than $200,000 for individuals and $250,000 for couples. These are

the 3% of taxpayers that Mr. Obama says arent paying their fair share, though that 3%pays more in income tax than the rest of the other 97%.(Editorial, The Amazing Obama Budget,The WallStreet Journal, 2/14/12)

Obamas FY2013 Budget Calls For $1.9 Trillion In Higher Taxes. (Fiscal Year 2013 Budget Of TheU.S. Government,Office Of Management And Budget, 2/13/12)

This Budget Has $1.9 Trillion In Tax Increases/Revenue Raisers And It StillA) Adds $6.7 Trillion In New Debt From 2013 To 2022, And B) Has Debt As A

Share Of GDP Rising From 74.2 Percent This Year To 76.5 Percent In 2022.Wow.(Jim Pethokoukis, First Thoughts On The New Obama Budget,The Americans The Enterprise2/13/12)

Obamas FY2013 Trillion Tax Increase Brings The Federal Tax Revenue To Its
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level that is already too high.(Press Release, Statement from Senator Al Simpson and Erskine Bowles RegardingPresident Obamas Fiscal Year 2013 Budget, The Moment Of Truth Project, 2/13/12)

Obama Walked Away From His Grand Bargain With Boehner For Political Reasons

President Obama Walked Away From The Grand Bargain.Eight months after deficit

talks between the nations top two elected officials collapsed, a 4,600-word inside-the-room narrative by The Washington Post on Sunday the first of several sweepingaccounts in the works paints the Obama administration as walking away from a nearlydone agreement with Boehner. And when the president eventually came around andwanted to cut a deal, Boehner said it was too late.(Jake Sherman, Debt Story Tally: John Boehner 1, PresidentObama 0,Politico, 3/18/12)

Obama Feared Backlash From The Left If He Agreed To The Grand Bargain.The

negotiations with House Republicans were Obamas clearest opportunity to realize his2008 campaign pledge to usher in a more productive, bipartisan era in Washington. Thepresident has since pivoted to make a more concerted appeal to the Democratic base,blasting those he calls intransigent Republicans at every opportunity. But in the Postsversion of events, Obama is portrayed as worrying he would face a backlash from the left ifhe pulled the trigger.(Jake Sherman, Debt Story Tally: John Boehner 1, President Obama 0, Politico, 3/18/12)

Obamas Then-Chief Of Staff Bill Daley Confirmed That The President Lost His Nerve

And Walked Away From The Deal.And former Obama chief of staff Bill Daley providedsurprising, on-the-record support of the GOPs insistence that the president deserves blamefor losing his nerve. (Jake Sherman, Debt Story Tally: John Boehner 1, President Obama 0, Politico, 3/18/12)

Daley Said The White House Privately Fretted That Democrats Would GoBallistic Daley said the White House privately fretted that Democrats would goballistic if the president agreed to $800 billion in new tax revenues when someRepublican senators had signaled willingness to go along with as much as $2

trillion. (Jake Sherman, Debt Story Tally: John Boehner 1, President Obama 0,Politico, 3/18/12) Obama Was Nervous About How To Sell The Deal, So He Upped The Ante In A

Way That Killed The Deal.But interviews with most of the central players inh lk f h d i k b h
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Barack Obama, Address Before A Joint Session Of Congress On The State Of The Union, Washington, D.C., 1/27/10)

[W]ith Congressional Democrats Due To Face Voters In November, ObamaPunted The [Deficit] Problem To The Bipartisan Panel Instead, withcongressional Democrats due to face voters in November, Obama punted the

problem to the bipartisan panel, formally known as the National Commission onFiscal Responsibility and Reform, and ordered it to deliver a solution by Dec. 1, wellafter the fall elections.(Lori Montgomery, GOP Leaders Agree To Panel On Federal Deficit,The Washington Post,2/19/10)

FLASHBACK: As A Candidate, Obama Mocked Commissions Saying That TheyAre Washington-Speak For Well Get Back To You Later. OBAMA: And thenyesterday, John McCains big solution to the crisis were facing is - get ready for it - acommission. Thats Washington-speak for well get back to you later.(Sen. BarackObama,Remarks, Elko, NV, 9/17/08)

The Associated Press Fact Check: Obama Has Yet To Sign On To Any Of The Ideas,Even Though He Promised When Creating The Panel That It Would Not Be One OfThose Washington Gimmicks.(AP Fact Check: Obamas Budget Goals Dont Add Up,The Associated Press, 1/26/11)

President Obamas Budget Did Not Opt For The Bold, ComprehensiveApproach To Reining In The Fast-Growing Federal Debt That His Own FiscalCommission Has Said Is Needed, Now.With the budget he is to unveil Monday,President Obama has not opted for the bold, comprehensive approach to reining inthe fast-growing federal debt that his own fiscal commission has said is needed,now.(Jackie Calmes, A Cautious Approach Seeking Bipartisan Appeal,The New York Times, 2/13/11)

After Shelving Their Recommendations, MSNBCs Chuck Todd Asked ThePresidentWhat Was The Point Of The Fiscal Commission?MSNBCs CHUCKTODD: Everything you have talked abouttax reform, the entitlement reform, twoparties coming togetherjust happened in December in your fiscal commission.You had a majority consensus to do all this. It's now been shelved. It seems that youhave not takenI guess my question is what was the point of the fiscalcommission?(President Barack Obama, The Presidents News Conference, Washington, D.C., 2/16/11)
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Happened.(Ezra Klein, 2012 Budget: Like the Fiscal Commission never happened,The Washington Post, 2/14/11)

Obamas FY2012 Budget Ignored The Fiscal Commission In Favor OfA PoliticalDocument Full Of Gimmicks

Obamas Budget Was A Political Document By Someone That Wants To Win Re-Election.Obamas $3.7 trillion budget is an opening bid, as well as a political documentby someone who wants to win re-election... Bottom line: Presidential budgets are morepolitical documents than anything else, and this budget is by someone who wants to winre-election.(NBC News First Read, 2/14/11)

The New York Times: What Mr. Obamas Budget Is Most Definitely Not Is ABlueprint For Dealing With The Real Long-Term Problems That Feed TheBudget Deficit...(Editorial, The Obama Budget,The New York Times, 2/14/11)

The Washington Post: President Obamas Budget Kicks The Hard ChoicesFurther Down The Road.(Editorial, President Obamas Budget Kicks The Hard Choices Further Down TheRoad,The Washington Post, 2/15/11)

Given The Chance To Show Leadership With His Budget, Obama ChoseInstead To Duck Behind The Sort Of Budgetary Gimmicks He Once Derided.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, PresidentObama, in his fiscal 2012 budget proposal, chose instead to duck. To duck, and tomask some of the ducking with the sort of budgetary gimmicks he once derided.(Editorial, President Obamas Budget Kicks The Hard Choices Further Down The Road,The Washington Post, 2/15/11)

Obama Falsely Claimed That His FY2012 Budget Did Not Add To the Debt

President Barack Obamas Claim Tuesday That His Proposed Budget Would StopAdding To The National Debt Is Wrong And Is Proved Wrong In His Own Budget.(Steven Thomma, Obama Says Hed Stop Adding To Debt, But Thats Not True,McClatchy Newspapers, 2/15/11)

Robert Bixby, Director Of The Concord Coalition, On Obamas Claim: Its Not

True.Whats that mean about Obamas statement Tuesday? Its not true, saidR b t Bi b th di t f th C d C liti ti b d t t hd
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that, We will not be adding more to the national debt, is a statement that stands toscrutiny? WHITE HOUSE PRESS SECRETARY JAY CARNEY: Absolutely, absolutely.(JakeTapper, Borrowing To Pay Interest On A Debt Isn t Creating Debt?: Todays Qs For Os WH 2/16/2011,ABC News' Political Punch,2/16/11)

Tapper: If I Borrow Money From You To Pay Off The Interest For The Debt IOwe To Geoff, Am I Not Adding To My Debt(Jake Tapper, Borrowing To Pay Interest On A Debt Isn tCreating Debt?: Todays Qs For Os WH 2/16/2011,ABC News' Political Punch, 2/16/11)

Obamas Proposal To The Super Committee F

the obama book: budget & tax chapter

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