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Obama's Broken Deficit Promise

Obama’s Broken Deficit Promise: “This is great,” wrote White House new media director Macon Phillips in a February 23, 2009 blog post, “the President has now promised that by the end of his first term, it will cut by half the massive federal deficit we inherited and we will do in a new way: honestly and sincerely .. “obama barack
In fact, President Obama did make that promise, that day, saying: “I now pledging to cut the deficit we inherited by half by the end of my first term. This will not be easy. It requires us to make difficult decisions and face the challenges that we have long neglected. But I refuse to leave our children with a debt that can not repay and that means taking responsibility right now, in this administration, to get our spending under control. ”
The 2013 budget unveiled today the president does not come close to meeting that promise to be reduced to $ 650 billion for fiscal year 2013.The President noted in that 2009 speech, the Obama administration inherited a deficit of $ 1.3 trillion deficit. The was also $ 1.3 trillion in 2011, is designed to be $ 1.15 trillion in 2012, and the President’s budget states that it will be $ 901 billion in 2013.George Stephanopoulos asked White House Chief of Staff Jack Lew on this yesterday: Stephanopoulos: Now, the budget tomorrow is going to make it clear that this promise is kept, not even close, really. The deficit will be well over $ 1 billion for the fourth consecutive year. Why?
LEW: You know, George, as I think you know, when he took office, the economy was falling so fast that the first thing we had to do was put a fund-inch that cost money in the Recovery Act has cost money in terms of lost revenue and economic growth. We’re on the right track now. We saw several months of sustained economic growth and creating jobs, but we’re not out of trouble. This is one reason why we still need, this month for Congress to act and pass the extension of tax cuts on wages. The President’s budget is a plan for 10 years, and over the 10 years, what I would do is bring the deficit below 3 percent of the economy, which means you will not add to the deficit on the basis of expenditure Current. Second, bring the debt as a percentage of the economy to a point that all the international financial organizations look and say is what you need to do to even the most rapidly stability.But were projecting a few months ago.
LEW: Well, look, the projections at a time of economic recovery – from the deepest recession in a generation are going to fluctuate. Frankly, over the past three months, we had better news than we expected, in terms of job growth. This is a good thing. I think what we have to do is focus on the long term and short-term at the same time. In the short term, we need to keep the economy growing. In the long term, we need to get the deficit under control so that it builds the economy that can last for the future, where to build a production base, we have the Americans with the skills to do the work for the future, we have energy so that we can provide for more of our energy needs, and we do it in a way that is consistent with American values ??so that everyone pays a fair.Source


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