“This is big,” wrote White House director of new media Macon Phillips in a February 23, 2009 blog post, ”the President today promised that by the end of his first term, he will cut in half the massive federal deficit we’ve inherited. And we’ll do it in a new way: honestly and candidly.”
Indeed, President Obama did make that promise that day, saying, “today I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”
Keep in mind, at the time Obama made that statement on 2/23/09, the consensus estimate of all economists was that our economy was contracting at a 3% rate, based on data available at that time. It wasnt until several months later, as more data became available, that it was determined that the blow to our economy from GWB policies was much more severe...our economy had actually contracted by 9%. Big difference.