During the 2008 town hall presidential debate, then-Senator Obama blasted President Bush for “almost” doubling the national debt.
“When George Bush came into office, our debt — national debt was around $5 trillion,” Obama stated. “It’s now over $10 trillion. We’ve almost doubled it.”
Sound familiar? Romney makes a similar argument on the trail criticizing President Obama. The national debt of course just surpassed $16 trillion, up from about $10 trillion when Obama took office.
When asked by debate moderator Tom Brokaw how he would reduce the deficit, Obama responded, “Well, I think it starts with Washington. We’ve got to show that we’ve got good habits, because if we’re running up trillion dollar debts that we’re passing on to the next generation, then a lot of people are going to think, “Well, you know what? There’s easy money out there.”
Obama added that his solution would be to raise taxes on the wealthy.