Obama Camp Rejects Deficit Reality and Attempts to Substitute Its Own

The Obama campaign is very unhappy with this ad, from Crossroads GPS:

Politico reports:

The Obama campaign called a major new ad campaign by pro-Mitt Romney Republican group Crossroads GPS dishonest.

“It’s a lot of the same from Karl Rove,” Obama campaign deputy campaign manager Stephanie Cutter told reporters Wednesday. “Lots of dishonesty in its attacks.”

What that “dishonesty” is, Cutter did not say, and Politico did not press for more. Her remark allowed Politico to work “Crossroads ad” and “dishonest” into its headline, which seems to have been the point of their post.

So let’s help things along. In February 2009, President Obama pledged to cut the deficit in half in his first term.

OBAMA: And that’s why today I’m pledging to cut the deficit we inherited in half by the end of my first term in office.  This will not be easy.  It will require us to make difficult decisions and face challenges we’ve long neglected.  But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.

That was a straightforward promise. How has it held up?

FY2009: The Federal Budget Deficit Was $1.413 Trillion. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
FY2010: The Federal Budget Deficit Was $1.294 Trillion. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
FY2011: The Federal Budget Deficit Was $1.299 Trillion. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
FY2012: The Federal Budget Deficit Was Projected To Be $1.1 Trillion. (“The Budget And Economic Outlook: Fiscal Years 2012 To 2022,” Congressional Budget Office, 1/31/12)

Not too well, I’d say.