PRESIDENT OBAMA: If you listen to some of my political critics, they always want to paint me or the Democratic party as this tax and spend, you know, irresponsible. Let me say this: since I've came into office the federal deficit has come down by two-thirds. It hasn't gone up. It's come down by two-thirds.
So, you know, when Bill Clinton was president the budget got balanced and we had low deficits. Then somebody else came in and deficits started going up. And then I came in and I inherited this huge recession that drove up the deficits and then we started whittling them down even as we were expanding the Earned Income Tax Credit (EIC), even as we were expanding Pell Grants.