Speaking at a fundraiser for Democratic Senate candidate Chris Coons on Friday, Vice President Joe Biden proclaimed that, as a result of President Obama's fiscal policies, "we have gone from hemorrhaging in debt to beginning to grab hold of the debt!"
On the same day that Mr. Biden was issuing his rosy proclamation [on Friday], the administration announced that the federal deficit had reached $1.29 trillion for the just-completed budget year. The government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up as unemployment hovered near double-digits.
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