In the third debate of the 2008 presidential campaign, candidate Barack Obama said:
But there is no doubt that we’ve been living beyond our means and we’re going to have to make some adjustments.
Now, what I’ve done throughout this campaign is to propose a net spending cut.
Today we read that the Congressional Budget Office estimates that President Obama’s “stimulus” nearly doubled the national debt:
A new report from the Congressional Budget Office (CBO) finds that President Obama’s economic stimulus program helped nearly double U.S. debt.
The 2011 Long-Term Budget Outlook, released Wednesday morning, reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.” According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.
Under Barack Obama, we’re continuing to living beyond our means.