- Posted October 15, 2012 by
This iReport is part of an assignment:
Questions for Candy Crowley
Federal Debt Under Obama's First Term
In 2008, we were quite aware, as you were, that the economy was in a recession and that our war on terrorism was costly. Nevertheless, we gave you our vote of confidence to jump start the economy again and reduce the deficit in half by the end of your first term, as promised then.
Instead, your administration has added $5.1 trillion to the federal debt from budget deficits over these past 4 years. You are currently promising to cut $4 trillion over TEN years. To achieve, this would require you to immediately balance the annual federal budget, PLUS set in place a plan that would trim an additional $400 billion each year over 10 years.
Can your 2nd administration reduce your “norm” of excess spending by $1.5 trillion as stated? Additional taxation of the “millionaires and billionaires” alone cannot achieve this, so please provide what spending programs you would reduce to achieve these goals.