Obama: 'The Truth Is, Our Deficits Are Already Shrinking'
6:22 AM, Apr 6, 2013 • By DANIEL HALPER
In his weekly radio address, President Obama explained the budget he'll rollout next week, and said, "the truth is, our deficits are already shrinking."
"My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families – but through the balanced approach that the American people prefer, and the investments that a growing economy demands," said Obama.
"Now, the truth is, our deficits are already shrinking. That’s a fact. I’ve already signed more than $2.5 trillion in deficit reduction into law, and my budget will reduce our deficits by nearly $2 trillion more, without harming the recovery. That surpasses the goal of $4 trillion in deficit reduction that many economists believe will stabilize our finances."
Obama is here referring to our yearly deficits, not the sum total of our debt, which is growing at an astonishing pace.
The truth is, our debt continues to grow.
When Obama became president, on Janaury 20, 2009, the debt was $10,626,877,048,913.08. The total outstanding public debt is now, according to the federal government, $16,798,051,589,934.68.
Since Obama became president, debt has increased by more than $6 trillion.
Recent Blog Posts