HARRISBURG — Today, the Republican Party of Pennsylvania released a new web video called “Declined,” highlighting President Obama’s sustained out-of-control spending that has created historic federal budget deficits and has caused our national debt to skyrocket.
President Obama’s last three and a half years in office have been characterized by a never ending line of broken promises and a failure to get federal spending under control. While President Obama promised to cut the deficit in half by the end of his first term, he instead racked up the three highest budget deficits in history. Moreover, under President Obama, we’ve seen the most rapid increase in debt under any United States president, a debt which now stands at a staggering $15 trillion. President Obama’s out-of-control spending is not only unsustainable; his record creates a sharp contrast with Republican Presidential nominee Mitt Romney’s commitment to turnaround Washington spending and create a culture of fiscal sanity and strength.
Watch the video here.
For more information on Mitt Romney’s commitment to creating a government that is simpler, smaller and smarter, click here.
- Obama’s FY2010 Budget Was $3.6 Trillion. “President Obama delivered to Congress yesterday a $3.6 trillion spending plan that would finance vast new investments in health care, energy independence and education by raising taxes on the oil and gas industry, hedge fund managers, multinational corporations and nearly 3 million of the nation’s top earners.” (Lori Montgomery, “In $3.6 Trillion Budget, Obama Signals Broad Shift In Priorities,” The Washington Post, 2/27/09)
- FY2010: The Federal Budget Deficit Was $1.294 Trillion, The Third Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
- Obama’s FY2011 Budget Was $3.7 Trillion. “President Obama’s $3.8 trillion budget proposal for fiscal year 2011 includes billions to put people back to work and imposes new fees on some of the nation’s largest banks.” (“Taking Apart The Federal Budget,” The Washington Post, Accessed 5/15/12)
- FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
- Obama’s FY2012 Budget Was $3.7 Trillion. “President Obama rolled out a $3.7 trillion budget blueprint Monday that would trim or terminate more than 200 federal programs next year and make key investments in education, transportation and research.” (Lori Montgomery, “Obama Budget Projects Record $1.6 Trillion Deficit,” The Washington Post, 2/14/11)
- The National Debt Is Now $ 15,676,996,273,860.82, An Increase Of Over $5.05 Trillion Since Obama Took Office. (U.S. Treasury Department, Accessed 5/3/12)
- Congressional Budget Office: ObamaCare’s Coverage Provisions To Cost $1.76 Trillion By 2022, Nearly Double What Obama Said It Would Cost. “The ACA’s provisions related to insurance coverage are now projected to have a net cost of $1,252 billion over the 2012–2022 period (see Table 2, following the text); that amount represents a gross cost to the federal government of $1,762 billion, offset in part by $510 billion in receipts and other budgetary effects (primarily revenues from penalties and other sources).” (“Updated Estimates For The Insurance Coverage Provisions Of The Affordable Care Act,” Congressional Budget Office, 3/13/12)
- “According To An Analysis By House Budget Committee Republicans, The Health Care Law Will Cost The Nation $2.6 Trillion When Fully Implemented, And Add $701 Billion To The Deficit In Its First Ten Years.” (“ObamaCare: A Budget-Busting, Job-Killing Health Care Law,” Office Of The Speaker Of The U.S. House Of Representatives, Report, 1/6/11)
- The President’s Stimulus Cost $831 Billion. “When ARRA was being considered, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation estimated that it would increase budget deficits by $787 billion between fiscal years 2009 and 2019. CBO now estimates that the total impact over the 2009–2019 period will amount to about $831 billion.” (“Estimated Impact Of The American Recovery And Reinvestment Act On Employment And Economic Output From October 2011 Through December 2011,” Congressional Budget Office, 2/22/12)