The Lie: Republicans have a plan to balance the federal budget and care deeply about fiscal responsibility.
The Truth: The last Republican president who ever balanced the budget was Dwight Eisenhower.
Between 1998 and 2000, President Bill Clinton’s Treasury Department paid off more than $360 billion in debt. As a result of 115 straight months of economic expansion that began after an increase in the top income tax rate — which was virulently opposed by the right — the huge deficits left by 12 years of Republican rule had been transformed into a surplus.
Within months after taking office in the narrowest victory of nearly any U.S. president—by only one vote in the Supreme Court—George W. Bush had begun to turn that surplus back into deficits that grew and grew, despite funding two wars on emergency supplemental bills that were not figured into the budget.
Vice-President Cheney laughed off the promises that the Bush tax breaks would pay for themselves and the budget would be balanced: “Reagan proved deficits don’t matter.” But deficits do matter to Republicans…whenever there is a Democratic president.
Since they woke up from a coma on the day President Obama was elected, Republicans have pushed two Big Lies: The President is responsible for the deficit, which is nearly entirely the result of Bush-era choices that the Republicans refused to abandon, and the deficit is responsible for the poor economy.
In both instances, the opposite is true.
Using the deficit as a battering ram, the GOP pushed for the rapid adoption of a Balanced Budget Amendment to the Constitution, which would ignore the true causes of the deficit—tax breaks, the wars and an unfunded Medicare expansion—and demand huge cuts to Medicaid, Pell Grants and every service the government provides.
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