Obama Blames High Deficits On Those Now "Waxing" Fiscal Responsibility
"Despite what some have claimed, the cost of the Recovery Act is only a very small part of our current budget imbalance,'' Obama said in his speech at the Brookings Institution. "In reality, the deficit had been building dramatically over the previous eight years. Folks passed tax cuts and expensive entitlement programs without paying for any of it - even as health care costs kept rising, year after year.
"As a result,'' he said, "the deficit had reached $1.3 trillion when we walked into the White House. And I'd note: these budget busting tax cuts and spending programs were approved by many of the same people who are now waxing political about fiscal responsibility while opposing our efforts to reduce deficits by getting health care costs under control.
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