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.
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.