More from President Obama, today:

By the time I took office, we had a one year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade. Most of this was the result of not paying for two major tax cuts skewed to the wealthy and a worthy but expensive prescription drug program. And I always find it interesting that the same people who participated in these decisions are the ones who now charge our administration with fiscal irresponsibility.

A projected deficit of $8 trillion? That sounds terrible!

Of course, one year ago, the total outstanding public debt was $11.3 trillion; today it surpassed $13 trillion. In other words, Obama laments a one-year deficit of $1 trillion while running up $1.7 trillion in new debt in the past year.