Romney Campaign Press Release - Barack In Time: When Obama Decried Borrowing From "The Bank Of China"

"Four years ago, Candidate Obama promised Ohioans he wouldn't run up the debt by borrowing from China. As he returns to Columbus today, the President has amassed over $5 trillion in new debt that's held by countries like China and — as detailed in Bob Woodward's new book — has shown an abject failure of leadership on the issue. As president, Mitt Romney will deliver real leadership by immediately cutting spending and advancing policies that won't pass our bills on to the next generation." —Amanda Henneberg, Romney Campaign Spokesperson

In 2008, Candidate Obama Told Columbus Voters He Wouldn't Amass Trillions Of Dollars In New Debt From "The Bank Of China":

Candidate Obama, In Columbus In 2008: "We're Just Taking Out A Credit Card From The Bank Of China ... We've Added $4 Trillion Worth Of Debt..."  OBAMA: "We're just taking out a credit card from the Bank of China, essentially. We're borrowing that money. And we've added $4 trillion worth of debt since George Bush took office. Keep in mind, just to give you some perspective, the first 42 presidents amassed $5 trillion worth of debt." (Senator Barack Obama, Remarks, Columbus, OH, 6/13/08)

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Four Years Later, President Obama Has Added More Than $5.4 Trillion In New Debt, Including Debt Held By China:

Under President Obama, The National Debt Has Surpassed $16 Trillion — An Increase Of More Than $5.4 Trillion. (Department Of The Treasury, Accessed 9/11/12)

• Every American's Share Of The National Debt Currently Stands At Over $51,000 — An Increase Of Over $16,000 Under President Obama. (Department Of The Treasury, Accessed 9/11/12; U.S. Census Bureau, Accessed 9/11/12)

China Currently Holds More Than $1 Trillion Of Our Nation's Debt And "Has Increased Its Holdings This Year." "China's holdings of U.S. government securities were $1.164 trillion as of June, according to Treasury Department data released Aug. 15. China has increased its holdings this year, as the American economy stalled and Europe's sovereign-debt crisis deepened." (Tony Capaccio and Daniel Kruger, "China's U.S. Debt Holdings Aren't Threat, Pentagon Says," Bloomberg, 9/10/12)

The Current Debt-To-GDP Ratio Is "More Than 100%." "That brought the ratio of debt to GDP to more than 100%. The Congressional Budget Office estimated last month the budget deficit for the 2012 fiscal year, which ends Sept. 30, will be about $1.1 trillion." (Jim Puzzanghera, "Moody's Warns Of U.S. Credit Rating Cut If Debt Problems Continue," Los Angeles Times, 9/11/12)

And Our Nation's Long-Term Debt Is Only Going To Get Worse — President Obama Failed To Lead And Relied On Budget "Gimmicks" Instead Of Actual Spending Cuts:

Bob Woodward, On President Obama's Negotiations With Republicans: "It's Vice President Biden Who Has To Jump In And Work His Way With Mitch McConnell..."  WOODWARD: "Dual messages. There's this divided man quality in Obama always. And one is we want to hear your ideas, we're reaching out, this is a cooperative venture. Two, the point of, hey, look I won. And having Rahm Emanuel, who is the first Chief of Staff, coming in there whose philosophy was we've got the votes, screw you to the Republicans. And, so in the first two years, this was the style. Of course, the Republicans take charge. And then it's Vice President Biden who has to jump in and work his way with Mitch McConnell, the Republican leader. And that's a fascinating relationship — and at a key point, it's the Biden-McConnell link that solves some of the problems." (Bob Woodward, Interview With NBC News, 9/16/12)

President Obama Abandoned Plans For A Ten-Year $4 Trillion Deficit Plan Because "The Cuts Were Too Severe." "Obama was getting fired up as he worked through what to say and how to say it. He wanted a $4 trillion deficit plan too, but the cuts were too severe. The progressive and liberal base would be deeply distressed." (Bob Woodward, The Price Of Politics, 2012, p. 97)

• Obama Advisers Suggested An "Old Trick" Of Stretching Out The Cuts Because "Few Would Do The Math." "Sperling suggested an old trick from the Clinton years: Stick with the $4 trillion — that was easy to understand — but instead of projecting it over 10 years, do it over 12. No one would really notice. Few would do the math. By stretching the plan out and loading most of the cuts into its final years, the early cuts were substantially smaller." (Bob Woodward, The Price Of Politics, 2012, p. 97)

Larry Summers, On President Obama's Deficit Plans: "Let's Sort Of Just Gimmick It Up." "Geithner, Orszag and Summers went to work on a strategy for the next year's presidential budget request, which was due to Congress in early February 2010.  They had to produce something that would show Obama was equally serious about deficit reduction and job creation. Back and forth they went, debating, defining and calculating. It was dizzying. 'Let's sort of just gimmick it up,' Larry Summers said to Orszag at one point." (Bob Woodward, The Price Of Politics, 2012, p. 30)

Woodward: "There's Such A Thing As Presidential Leadership." STEPHANOPOULOS: "Your bottom line is successful presidents, like Ronald Reagan and Bill Clinton, largely worked their will. But you reach the conclusion in this case, in this struggle Barack Obama did not?" WOODWARD: "Yes, simply because our financial house is not in order. In other words, the big debate last year about the debt ceiling and whether the U.S. government is going to be able to pay its bills, it isn't over. We're going to be right back in that soup in December and January. And this isn't a budget issue, or a credit rating issue. This is the government going to have its money to pay its bills. And in the end, that's the President's job. Yes, it's Congress's job too. But there's such a thing as presidential leadership." (ABC's "Good Morning America," 9/11/12)