Slideshow posted in Politics | Wednesday, October 17, 2012
THE FACTS: Romney's claim is based on an analysis by the conservative American Enterprise Institute that examines the amount of debt that has accumulated on Obama's watch and in a potential second term and computes how much it would cost to finance that debt through tax increases. Annual deficits under Obama have exceeded $1 trillion for each year of his term.
However, Obama is not responsible for all of the deficits that have occurred on his watch. Most of the federal budget - like Medicare, food stamps, Medicaid and Social Security - runs on autopilot, and no one in a leadership position in Washington has proposed deep cuts in those programs. And politicians in both parties voted two years ago to renew Bush-era tax cuts that have contributed to the deficit. Even under the strict spending cuts proposed by Romney, the debt would continue to rise, just not as quickly. ( Photo)