SPENDING
Pledge: "When George Bush came into office, our debt -- national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it. ... But actually I'm cutting more than I'm spending so that it will be a net spending cut." -- Obama, during an Oct. 7, 2008, debate in Nashville
Verdict: Promise Broken. The federal budget deficit for fiscal 2009 tripled to a record $1.4 trillion, according to a Congressional Budget Office estimate out in early October. That's nearly $1 trillion more than the $459 billion deficit recorded in President Bush's last full year. The recession-driven declines in revenue accounted for a large part of Obama's red ink, but so did increases in spending -- on everything from the economic stimulus to Wall Street bailouts (sealed before Obama took office). Though Obama still says he wants to bring the deficit down significantly before the end of his first term, projections show the fiscal 2010 deficit will also exceed $1 trillion. Even if Obama does make major changes to fiscal policy and cut the deficit in half, that's still hundreds of billions of dollars every year to the national debt.
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