WHAT HAPPENED TO THAT “NET SPENDING CUT” we were promised? “Did Obama campaign on doubling, trebling even the federal budget deficit? No, he campaigned against the then-incumbent president’s profligacy. As he said in the third debate: ‘But there is no doubt that we’ve been living beyond our means and we’re going to have to make some adjustments. Now, what I’ve done throughout this campaign is to propose a net spending cut.'”