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From: SenateRepublican_BudgetPressOffice@budget.senate.

gov Subject: Presidents Budget Claims Shredded By Journalists, Analysts, And Experts Date: Wed, 3 Oct 2012 17:33:03 +0000

October 3, 2012 For Immediate Release Contact: Stephen Miller, Andrew Logan: 202.228.0575

Presidents Budget Claims Shredded By Journalists, Analysts, And Experts

Obama claims more than $4 trillion in deficit savings over the coming decade. But it you peel away accounting tricks and debatable claims on spending cuts, its more like $1.1 trillion. Republicans say its even less because of creative bookkeeping used to mask spending on Medicare reimbursements to doctors. Associated Press, Candidates deficit plans dont add up as government adds $1.1 trillion in debt, October 1, 2012 The repeated claim that Obamas budget reduces the deficit by $4 trillion is simply not accurate There are a number of other games being played, so fake money is being used to pay for real spending projects. In effect, most of Obamas claimed deficit reduction comes from his proposed tax increases. Washington Posts Glenn Kessler, Fact checking Bill Clintons speech and other Democrats at the convention in Charlotte, September 6, 2012 Theres a good case to be made that Obamas budget doesnt actually hit the deficitreduction target its implying that it hits. Washington Posts Ezra Klein, Is Obamas $4 trillion deficit-reduction plan for real? September 6, 2012 The federal debt, which recently hit $16 trillion, is projected to grow to $25.4 trillion by the year 2022 under Obamas budget Independent experts panned the presidents budget for its troubling reliance on gimmicks and accounting tricks to inflate the magnitude of the savings being proposed. Washington Free Beacon, Phantom Savings, September 28, 2012 Obama exaggerated when he claimed independent experts say his deficit-reduction plan would reduce the federal deficit by $4 trillion over 10 years. Actually, one independent

analysis criticized a central part of the presidents plan as a gimmick., FactChecking Obama and Biden, September 14, 2012 [President Obama] didnt cut $1 trillion. Spending goes up over the next decade, not down Only in Washington do people project spending to increase, then decide to increase it but by less, then say they cut spending. McClatchy, Obama claim of cutting spending is not right, September 28, 2012 I also worry that this plan doesnt contain enough deficit reduction or entitlement reform. It does stabilize the debt, but at too high a level and in a way that isnt robust over the longrun. Committee for a Responsible Federal Budget president Maya MacGuineas, CRFB Reacts To The Presidents FY 2013 Budget, February 13, 2012 Mr. Obama cannot claim to be seeking anywhere near as much in debt reduction as his appointed commission said was needed to preserve the nations fiscal health. Washington Post editorial board, Obamas debt reduction plan is not equal to Simpson-Bowles, September 10, 2012 You cant find a $4 trillion number. Douglas Holtz-Eakin in the Associated Press, Candidates deficit plans dont add up as government adds $1.1 trillion in debt, October 1, 2012 Unfortunately, [President Obamas] proposal falls short of [$4 trillion in deficit reduction] by counting war savings that were already planned; and while it does (barely) stabilize the debt, it does so at a dangerously high level and with no margin for error. Alan Simpson and Erskine Bowles, Our advice to the debt supercommittee: Go big, be bold, be smart, September 30, 2011 Taken at face value, Barack Obamas latest budget is a bold combination of fiscal rectitude, populist tax increases and industrial policy-lite Do not take it at face value Much of his purported spending reduction is accounting legerdemain. The Economist, Barack Obamas budget, February 13, 2012 Independent budget experts said the blueprint that Obama unveiled Monday which White House officials say would save more than $4 trillion when added to earlier budget deals this year appears to fall short of his target. The plan also relies on an array of well-worn budget ploys that do little to advance the cause of bipartisan cooperation in taming the nations spiraling debt, the experts said. Washington Post, Budget analysts say Obama deficit plan is likely to miss its targets, September 19, 2011 BACKGROUND BUDGET COMMITTEE DOCUMENTS:

The $4 Trillion Deceit Presidents Core Budget Claim False