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Fact-checking the first debate

OBAMA: "I've proposed a specific $4 trillion deficit reduction plan. ... The way we do it is $2.50 for every cut, we ask for $1 in additional revenue."  THE FACTS: In promising $4 trillion, Obama is already banking more than $2 trillion from legislation enacted along with Republicans last year that cut agency operating budgets and capped them for 10 years. He also claims more than $800 billion in war savings that would occur anyway. And he uses creative bookkeeping to hide spending on Medicare reimbursements to doctors. Take those "cuts" away and Obama's $2.50/$1 ratio of spending cuts to tax increases shifts significantly more in the direction of tax increases.  Obama's February budget offered proposals that would cut deficits over the coming decade by $2 trillion instead of $4 trillion. Of that deficit reduction, tax increases accounted for $1.6 trillion. He promises relatively small spending cuts of $597 billion from big federal benefit programs like Medicare and Medicaid. He also proposed higher spending on infrastructure projects.  (AP Photo/David Goldman) <span class=meta>(AP Photo/ David Goldman)</span>
October 4, 2012 8:57:06 AM PDT