First of all, let's understand that when I came in, we had a $1.3 trillion deficit, annual deficit, that we had already inherited. We had to immediately more forward with a stimulus package because the American economy had lost trillions of dollars of wealth.…
Then we had to pass a budget, by law, and our budget had a 10- year projection -- and I just want everybody to be clear about this. If we had done nothing, if you had the same old budget as opposed to the changes we made in your budget, you'd have a $9.3 trillion deficit over the next 10 years. Because of the changes we've made, it's going to be 7.1 trillion (dollars).
Now, that's not good, but it's $2.2 trillion less than it would have been if we had the same policies in place when we came in.
But here is what the Congressional Budget Office had to say about Obama’s budget:
The cumulative deficit from 2010 to 2019 under the President’s proposals would total $9.3 trillion, compared with a cumulative deficit of $4.4 trillion projected under the current-law assumptions embodied in CBO’s baseline.
So in other words, Obama said his cumulative deficit is “$2.2 trillion less than it would have been,” but the CBO says the deficit is actually $4.9 trillion more than it otherwise would have been.