RNC Ad Highlights Dems Record-Setting Spending & Debt (Updated)
The RNC launched a new web video on Thursday that does a good job highlighting Obama’s reckless and dangerous spending as the president held a town hall meeting in New Mexico on credit card debt:
RNC Chairman Michael Steele said this about the record-breaking Obama debt:
“President Obama has decided to take credit card companies to task when his own administration and Congressional Democrats are responsible for the record breaking $1.84 trillion federal budget deficit. The President and his administration should focus on managing America’s ballooning national debt, which now tops out at over $11 trillion. If the President is truly concerned about American consumers, he and Congressional Democrats should stop enacting legislation sinking America deeper into an ocean of debt our children and grandchildren will have to pay for years to come.”
Barack Obama lectured John McCain on deficits and spending during the campaign.
At each of the three presidential debates he promised to cut the US deficit.
Instead, Obama will quadruple the deficit this year.
Obama’s budget Obama’s budget more than doubles the national debt held by the public, and adds more to the debt than all previous presidents — from George Washington to George W. Bush — combined.
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
This man’s words are the complete opposite of his actions.