- Enlarge PhotoABC OTUS News - Biden Blames Bush Administration for Deficit (ABC News)
FORT MYERS, Fla. - Vice President Joe Biden placed the blame for the ballooning deficit on the Bush administration today, arguing that the previous administration saddled the country with the burden of trillions of dollars in debt.
"Let's get serious here! How did we get this debt? Ladies and gentlemen, they put two wars on a credit card. Not paying a penny, not paying a penny, even though I introduced legislation to pay for that war. They voted against it," Biden said at the Wa-Ke Hatchee Park Recreation Center. "Two, they voted for a new entitlement program without paying one penny for it, and that was clear. Number 3, they added another trillion dollars in the tax cut for the very wealthy, so what's the result? These are the facts, folks, these are the facts.
"The result was by the time the reins got turned back over to Barack [Obama] and me, they had doubled the national debt in eight years, doubled the national debt in eight years," Biden added.
Biden recounted that within the first week of being in office, Larry Summers, a top economic adviser to the president, warned newly inaugurated President Obama of the deficit the country faced.
"We were sitting in the oval office, and Larry Summers, the chief economic adviser, and the economic team came in and said 'Mr. President, looking at this year's budget you are going to have a trilliondollar deficit.' He said, 'I haven't done anything yet,'" Biden said. "I'm serious. They said, 'No, Mr. President, the budget they passed, the budget they passed in October of last year guarantees no matter what you do you're going to have a trillion dollar debt this year in the budget.' A trillion dollar deficit to be precise."
Earlier in the week, the Washington Post fact checked President Obama's claim that the Bush administration's policies accounted for 90 percent of the country's current deficit and rated the assertion as false, since the president also pushed spending increases and tax cuts that added to the deficit.
Biden also claimed the Obama administration has proposed a plan that would reduce the deficit by $4 trillion over 10 years and has already decreased the deficit by $1 trillion
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