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Hensarling questions Obama at House GOP conference
And I'm having to sit here listening to them. At some point, I know you're going to let me answer.
HENSARLING: That's . . .
OBAMA: All right.
HENSARLING: That's the question.
You are soon to submit a new budget, Mr. President. Will that new budget, like your old budget, triple the national debt and continue to take us down the path of increasing the cost of government to almost 25 percent of our economy? That's the question, Mr. President.
OBAMA: All right. Jim (sic), with all due respect, I've just got to take this last question as an example of how it's very hard to have the kind of bipartisan work that we're going to do, because the whole question was structured as a talking point for running -- running a campaign.
Now, look, let's talk about the budget, once again, because I'll go through it with you line by line.
The fact of the matter is, is that when we came into office, the deficit was $1.3 trillion. $1.3 trillion. So -- so when you say that suddenly I've got a monthly budget that is higher than the annual -- or a monthly deficit that's higher than the annual deficit left by Republicans, that's factually just not true, and you know it's not true.
And what is true is that we came in already with a $1.3 trillion deficit before I had passed any law. What is true is, we came in with $8 trillion worth of debt over the next decade.
Had nothing to do with anything that we had done. It had to do with the fact that in 2000, when there was a budget surplus of $200 billion, you had a Republican administration and a Republican Congress, and we had two tax cuts that weren't paid for, you had a prescription drug plan -- the biggest entitlement plan, by the way, in several decades -- that was passed, without it being paid for, you had two wars that were done through supplementals, and then you had $3 trillion projected because of the lost revenue of this recession.
That's $8 trillion. Now, we increased it by $1 trillion because of the spending that we had to make on the stimulus.
I am happy to have any independent factchecker out there take a look at your presentation versus mine in terms of the accuracy of what I just said.