Obama: 'We Reined In Spending'
President Barack Obama told the Wall Street CEO Council Tuesday that his administration has "reined in spending" and "cut our deficits by more than half."
"After years of trillion-dollar deficits we reined in spending, wound down two wars and began to change a tax code that I believe was too skewed towards the wealthiest among us at the expense of the middle class," said Obama. "And since I took office, we have now cut our deficits by more than half. Add it all and businesses like yours have created 7.8 million new jobs over the past 44 months, we've gone farther and recovered faster than most other advanced nations. And so in a lot of ways, America is poised for a breakout."
According to the White House's own budget figures, over the next 10 years U.S. deficits will climb $5.271 trillion.
The Office of Management and Budget (OMB) says Obama's FY 2014 budget would add another $8.7 trillion to the national debt over the next 10 years, bringing America's projected federal debt to $25.8 trillion.