Mitt Romney continues to mislead Americans about the President’s record on spending and deficit reduction, falsely attacking the President for creating a “spending inferno.”
Market Watch’s Rex Nutting examines the facts and concludes, “of all the falsehoods told about President Barack Obama, the biggest whopper is the one about his reckless spending spree.” The actual record under President Obama “doesn’t show a reckless increase in spending. Far from it.” Take a look at Nutting’s breakdown of spending over the last four years, which says that, under President Obama, federal spending is rising at the slowest pace since Dwight Eisenhower was President:
Here are the facts, according to the official government statistics:
In the 2009 fiscal year—the last of George W. Bush’s presidency—federal spending rose by 17.9% from $2.98 trillion to $3.52 trillion. Check the official numbers at the Office of Management and Budget.
In fiscal 2010—the first budget under Obama—spending fell 1.8% to $3.46 trillion.
In fiscal 2011, spending rose 4.3% to $3.60 trillion.
In fiscal 2012, spending is set to rise 0.7% to $3.63 trillion, according to the Congressional Budget Office’s estimate of the budget that was agreed to last August.
Finally in fiscal 2013—the final budget of Obama’s term—spending is scheduled to fall 1.3% to $3.58 trillion. Read the CBO’s latest budget outlook.
Over Obama’s four budget years, federal spending is on track to rise from $3.52 trillion to $3.58 trillion, an annualized increase of just 0.4%.
There has been no huge increase in spending under the current president, despite what you hear.
Most importantly, the President has a balanced plan that would cut deficits by over $4 trillion over the next decade, including the spending cuts he has already signed into law that will bring discretionary spending to its lowest levels as a share of the economy since the Eisenhower Administration.