Host David Gregory asked Obama: “Well, you talk about dysfunction in Washington. You signed this legislation setting up the fiscal cliff 17 months ago. How accountable are you for the fact that Washington can't get anything done and that we are at this deadline again?”
Obama responded: "Well, I have to tell you, David, if you look at my track record over the last two years, I cut spending by over a trillion dollars in 2011.
“I campaigned on the promise of being willing to reduce the deficit in a serious way, in a balanced approach of spending cuts and tax increases on the wealthy while keeping middle class taxes low,” Obama continued.
“I put forward a very specific proposal to do that," he said. "I negotiated with Speaker Boehner in good faith and moved more than halfway in order to achieve a grand bargain. I offered over a trillion dollars in additional spending cuts so that we would have two dollars of spending cuts for every one dollar of increased revenue. I think anybody objectively who's looked at this would say that, you know, we have put forward not only a sensible deal but one that has the support of the majority of the American people, including close to half of Republicans.”
According to the White House Office of Management and Budget, federal spending was not cut by $1 trillion in 2011. In fact, in fiscal 2010, federal spending was $3,456,213,000,000. In fiscal 2011, federal spending was $3,603,213,000,000. That was an increase of $147 billion.
While President Obama did not cut federal spending by $1 trillion in 2011, he did increase the debt by more than $1 trillion in that fiscal year. In fiscal 2011, according to the White House Office of Management and Budget, the federal deficit was $1,299,595,000,000. That was up from a deficit of $1,293,489,000,000 in fiscal 2010.