The Campaign Spot

How Does ‘a Net Spending Cut’ and ‘Pay-As-You-Go’ Turn into a $1.75 Trillion Deficit?

Obama, four and a half months go:

OBAMA: Now, what I’ve done throughout this campaign is to propose a net spending cut. I haven’t made a promise about . . .

SCHIEFFER: But you’re going to have to cut some of these programs, certainly.

OBAMA: Absolutely. So let me get to that. What I want to emphasize, though, is that I have been a strong proponent of pay-as-you-go. Every dollar that I’ve proposed, I’ve proposed an additional cut so that it matches.

The Washington Post’s story on the President’s budget today:

The numbers in the new budget are unlike anything the country and its elected leadership are used to dealing with. Not only will the current deficit reach $1.75 trillion, next year’s will also top $1 trillion and the deficits will remain above $500 billion until fiscal 2019, the last year projected in yesterday’s document. Will Congress simply choke on the size of those numbers?

. . . He added that Obama also will confront the spending side of the budget. But so far, whether as a candidate or as president, he has been far less transparent about where he would make those cuts.

All statements from Barack Obama . . . yeah, you know how it goes.

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