Ron Paul Burns Newt on Bogus Budget Claim

Ron Paul owns Newt Gingrich in this clip from the recent CNN debate. Gingrich erroneously claimed that he balanced the federal budget, when in fact it grew ONE TRILLION DOLLARS!

"I went back and looked at the record. The national debt during those four years actually went up about a trillion dollars. What he's talking about is he doesn't count the money he takes out of Social Security," Paul said. "So Reagan nor you had a truly balanced budget, because the national debt goes up and that's what we pay the interest on."

Gingrich tried to backpeddle and defend his statement, but was roundly booed from the audience. Take a look:

 

Here are the facts to support Paul's claim, from TreasuryDirect.gov:

FACT: The National Debt went up nearly $1 Trillion while he was Speaker

• In 1994, the year before Gingrich become Speaker the National Debt was $4,693 trillion
• In 1995, the year he become speaker the debt was $4,974 trillion
• In 1996 the debt was $ 5,225 trillion ·In 1997 the debt was $5,413 trillion
• In 1998-- the last year of his speakership-- the debt was $5,526 trillion