CNS News takes a look at the raw numbers.
President Barack Obama claimed today that since he has been president both parties have worked together to cut the federal deficit by $2.5 trillion—despite the fact that the national debt has increased $5.9 trillion during Obama’s presidency, which is more than it increased under all presidents from George Washington through Bill Clinton combined.
“Over the last few years both parties have worked together to reduce our deficits by more than $2.5 trillion,” Obama said in a speech at the White House in which he called on Congress to avoid modest automatic cuts in anticipated spending that are set to begin on March 1.
When Obama was inaugurated on Jan. 20, 2009, the federal government’s debt was $10,626,877,048,913.08. As of the close of business on Feb. 14, 2013, the federal government’s debt was $16,540,800,290,147.46. Thus, since Obama has been president, the federal debt has increased $5,913,923,241,234.38. That is more than all the debt accumulated by all the presidents from George Washington through Bill Clinton.
[...]Federal spending and federal deficits have both increased sharply under President Obama. In fiscal 2008, the last full fiscal year before Obama took office, the federal government spent $2.9716 trillion. In fiscal 2012, the federal government spent $3.538 trillion.
In fiscal 2008, the federal deficit was $454.8 billion. In fiscal 2012, it was $1.2967 trillion. By this measure, President Obama did not reduce federal deficits by $2.5 trillion. He increased the annual deficit by $841.9 billion.
Not sure what Obama is talking about with this $2.5 trillion number, because both deficits and debt are WAY UP under his leadership. Why is he lying? And why do his supporters believe his lies?