Mitt Romney claims on his campaign website: “Since President Obama assumed office three years ago, federal spending has accelerated at a pace without precedent in recent history.”
The truth is, the President’s supposed “spending binge” is nothing but a myth, repeatedly debunked by independent fact checkers. Federal spending growth has actually been slower under President Obama than under any other president since Dwight Eisenhower.
President Obama has a plan to reduce the deficit by over $4 trillion, cutting federal spending while still making critical investments in education, innovation, infrastructure, and clean energy. It’s a balanced and responsible approach to creating an economy built to last.
Sources:
Congressional Budget Office (CBO), nonpartisan analysis for the U.S. Congress
Office of Management and Budget (OMB
MarketWatch, The Wall Street Journal
1. Spending by president begins with the fiscal year that started during the calendar year they took office
2. 2009 Recovery Act was attributed to Obama
Fact-Checker’s Reports
“… federal spending is rising at the slowest pace since President Dwight Eisenhower brought the Korean War to an end in the 1950s.” The Wall Street Journal’s MarketWatch
“[Romney’s claim] is utterly false. The truth is that spending has slowed markedly under Obama.”Eugene Robinson of The Washington Post
“Obama’s budget plans to bring spending down to 22.5 percent of GDP in 2016—which is about where it was in the Reagan years… “ Ezra Klein of The Washington Post