National debt soared under Obama's watch
At a July 3, 2008, campaign rally in Fargo, N.D., then-U.S. Sen. Barack Obama said: “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – number 43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back – $30,000 for every man, woman and child. It’s irresponsible. It's unpatriotic.”
On Feb. 23, 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. … I refuse to leave our children with a debt that they cannot repay – and that means taking responsibility right now, in this administration, for getting our spending under control.”
Unfortunately, spending is still out of control, with four straight annual deficits above $1 trillion. Our children are now buried under $16 trillion of debt that we are going to have to pay back – more than $50,000 for every man, woman and child.
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