Jay Carney is asked if it was a "mistake" for President Obama to promise in 2009 that he would cut the budget deficit in half by the end of his first term in office.
"It was a promise based on what we knew about the economy at the time as has been well established in this briefing and many other places. The economy turns out to have been far worse and in far greater distress when the president was running for office and then took office than we knew at the time," Carney said.
"The catastrophe was far worse than we knew," he added.
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