Obama Campaign Promise : “Pay As You Go”

Captured from BarackObama.com – June 13, 2009 – before it was removed.

Barack Obama will restore fiscal discipline to Washington:
Obama and Biden review the federal budget line by line and eliminate programs that don’t work or are unnecessary.

The Problem
Increasing Debt: Under President Bush, the federal debt has increased from $5.7 trillion to $8.8 trillion, an increase of more than 50 percent.

Barack Obama and Joe Biden’s Plan
Restore Fiscal Discipline to Washington
*Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO)
budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.

Barack Obama and Joe Biden’s Record
* PAYGO: Obama voted in 2005, 2006, and 2007 to reinstate pay-as-you-go federal budget rules.
* Against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican efforts to raise the statutory debt limit at the same time the Republicans were pushing through massive debt-financed tax cuts for the wealthy.

So how did he do with those promises?

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.


About stevengoddard

Just having fun
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6 Responses to Obama Campaign Promise : “Pay As You Go”

  1. R. Nonymus says:

    So what’s your point? From your own post, Bush increased the debt by $3.1 trillion. To date Obama has upped this by $2.5 trillion.

    Let’s see… Bush chose to add the debt by giving away a trillion as tax cuts to the rich, he gave away a big chunk in his “donut hole” pharmacare plan, and nearly another trillion on a “war of choice” in Iraq. Ah… and there was that nearly $1 trillion TARP plan to save insolvent banks (and car companies).

    And Obama? He inherited a crashing economy quickly turning into Great Depression II. So he put in place nearly $1 trillion in stimulus to create jobs to fill the whole created by the cratering economy inherited from Bush. Also, some of the other $1.5 trillion is debt created because tax revenues fell off a cliff because the “Bush economy” was handed over as a near Great Depression II.

    So what’s your point?

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