On Friday, House Minority Leader Nancy Pelosi discussed the nation’s nearly $20 trillion deficit, saying that former President George W. Bush and the Republicans were responsible for the massive debt that has accumulated under Barack Obama’s watch.
Pelosi claimed that because of the work Obama has done, the annual budget deficit, which contributes to the nation’s debt, has been greatly reduced.
She went on to mention the work that former President Bill Clinton did in effort to balance the budget and leave a surplus.
“President Bush came to office, he reversed all of that,” Pelosi said. “When under President Clinton, as well as under President Obama, we were operating under a ‘pay-as-you-go’ basis … President Bush became president, he threw ‘pay-as-you-go’ out the window and took us on a reverse path.
“When President Obama stood on the steps on the Capitol eight years from next week, the deficit was $1.4 trillion — one-year deficit. It’s reduced by 70 percent in his administration. Much of the increase in the national debt that has occurred from this time still springs from two unpaid wars, costs that we owe our veterans following that, giveaways that they gave to the pharmaceutical industry, and the high-end tax cuts that have carried forward without any job production. Absent the work of President Obama, this national debt would be even higher,” she said, blaming Bush for not paying for the wars in Iraq and Afghanistan.
Pelosi called Bush’s decision to introduce the new payment philosophy, which was backed by congressional Republicans, “very irresponsible.”
“So coming back now, we had ‘pay-as-you-go,’ the debt was going down, the deficit was reduced,” Pelosi said. “Republicans come in, throw ‘pay-as-you-go’ out the window. They make us pay for any investments in education that we may make, but they won’t pay for tax cuts for the wealthy.”
To date, the nation’s debt has increased $9.3 trillion under Obama’s administration, and has almost doubled to 19.9 trillion over the last eight years.
H/T: Washington Examiner
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