ROMNEY: “America counted on President Obama to rescue the economy, tame the deficit and help create jobs. Instead, he bailed out the public sector, gave billions of your dollars to the companies of his friends, and added almost as much debt as all the prior presidents combined.”
THE FACTS. In short, the debt has gone up by about half under Obama. Under Ronald Reagan, it tripled.
ROMNEY: “I will lead us out of this debt and spending inferno. We will stop borrowing unfathomable sums of money we can’t even imagine, from foreign countries we’ll never even visit. I will bring us together to put out the fire.”
THE FACTS: A study by the nonpartisan Committee for a Responsible Federal Budget concluded earlier this year that Romney’s plans would not make a dent in deficits, and could worsen them considerably. That study was done before Romney upped his tax cuts, inviting even deeper debt.
The closest he has come to laying out a specific spending plan has been in his endorsement of the budget blueprint passed this year by House Republicans, which also fails to produce his promised deficit reductions.
ROMNEY: “The people of Iowa and America have watched President Obama for nearly four years, much of that time with Congress controlled by his own party. And rather than put out the spending fire, he has fed the fire. He has spent more and borrowed more. … When you add up his policies, this president has increased the national debt by $5 trillion.”
THE FACTS: Much of the increase in the debt is due to lower tax revenues from depressed corporate and individual incomes and high joblessness in the worst recession since the Great Depression. The recession officially began in December 2007, when George W. Bush was president and the national debt stood at just over $9 trillion. Financial bailouts, stimulus programs and auto rescue spending that started under Bush and continued under Obama contributed to the run-up of the debt.