Did Obama Blame the Financial Crisis on Budget Deficits?

Did Obama Blame the Financial Crisis on Budget Deficits?http://www.nakedcapitalism.com/2012/10/did-obama-blame-the-financial-crisis-on-budget-deficits.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

Posted: 04 Oct 2012 02:56 PM PDT

This was a very strange part of the debate last night.

I would just say this to the American people. If you believe that we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for, $7 trillion — just to give you a sense, over 10 years, that’s more than our entire defense budget — and you think that by closing loopholes and deductions for the well-to-do, somehow you will not end up picking up the tab, then Governor Romney’s plan may work for you.
But I think math, common sense, and our history shows us that’s not a recipe for job growth. Look, we’ve tried this. We’ve tried both approaches. The approach that Governor Romney’s talking about is the same sales pitch that was made in 2001 and 2003, and we ended up with the slowest job growth in 50 years, we ended up moving from surplus to deficits, and it all culminated in the worst financial crisis since the Great Depression.