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It's disappointing that President Obama - who ran for office in 2008 saying he was going to be a fiscally responsible president - has caused the largest deficits and the largest debt in American history.

The debt they ran up in the first year of the Obama administration is bigger than the last four years of the Bush combined.

Barack Obama inherited a bankrupt economy, a bankrupt government, and a bankrupt foreign policy.

When President Obama was in the Senate, when he was a U.S. senator, he voted against raising the debt ceiling. And he said it was a lack of leadership that had brought us to this point.

When Mr. Obama entered office, he said all the right things about getting Washington spending under control. He even promised to cut the deficit in half by the end of his first term. Obviously, that didn't happen.

The Obama administration's large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation.

To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don't take more from the private sector and grow government with it. And that's exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his.

President Obama has almost doubled our national debt to more than $19 trillion, and growing. And yet, what do we have to show for it? Our roads and bridges are falling apart, our airports are in Third World condition, and forty-three million Americans are on food stamps.

In addition to myself and a number of others, President Clinton talked about the deficit and the debt issue. And he pointed out, really, what I pointed out, which is that when he left office, we actually had projected surpluses for a long period of time, because when he put together his economic plan, he did it in a balanced way.

Well, a deficit reflects an imbalance between spending and revenue, and so narrowing it requires acting on one, the other or both.