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Blog: Another Year, Another $1 Trillion Deficit


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The federal budget deficit just exceeded $1 trillion for the fourth straight year under President Obama's watch.

These trillion-dollar deficits have caused our national debt to skyrocket above $16 trillion -- saddling you with a $51,000 liability. Worse, we've been borrowing about 31 cents of every dollar we spend from countries like China.

It wasn't supposed to be this way. Barack Obama repeatedly promised to control our nation's mounting debt and deficits.

In 2009, President Obama said, "Today I'm pledging to cut the deficit we inherited in half by the end of my first term in office." Instead, he doubled it.

In 2008, candidate Obama said, "We now have over $9 trillion of debt that we are going to have to pay back.... That's irresponsible. It's unpatriotic." And in 2007, he said, "[W]e are also not running up deficits and asking China to bail us out ... it's pretty hard to have a tough negotiation when the Chinese are our bankers."

He is right about one thing -- it is irresponsible. We cannot keep spending uncontrollably, borrowing from China, and expecting our children and grandchildren to foot the bill.

We need to get serious about this before it's too late. My plan for deficit reduction cuts and caps federal spending, balances the budget, and reduces our nation's debt -- to put America on a path to prosperity.

Help Paul Ryan and me, and conservatives across the country, promote our pro-growth economic message -- contribute now.

Mitt Romney

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