Advertisement
Send tips to video@realclearpolitics.com

Real Clear Politics Video

The Latest Politics, News & Election Videos

Obama On Failed Promise To Cut Deficit In Half: "Recession Turned Out To Be A Lot Deeper"

In an interview with Atlanta's local Fox affiliate WAGA-TV President Obama explains why he was unable to cut the deficit in half in his first term, a promise he made as a candidate.

Obama was lobbed the question by a sympathetic reporter who said he is getting "pelted in the media" for making a campaign promise he did not keep.

"Well we're not there because this recession turned out to be a lot deeper than any of us realized," Obama said about his inability to cut the deficit in half.

"Everybody who is out there back in 2009, if you look back what their estimates were in terms of how many jobs had been lost, how bad the economy had contracted when I took office, everybody underestimated it. People thought that the economy contracted 3%. It turns it retracted close to 9%. We lost 8 million jobs just in a year's span, about half a year before I took office and half a year after I took office," Obama said.

"So, the die had been cast, but a lot of us didn't understand at that point how bad it was going to get. That increases the deficit because less tax revenues come in, and it means that more people are getting unemployment insurance, we're helping states more so they don't teachers, etc. The key though is we're setting ourselves on a path where we can get our debt under control."

In The News

Most Watched

Video Archives - October 2013

SMTWTFS
12345
6789101112
13141516171819
20212223242526
2728293031