Obama: Thanks to ObamaCare, Deficit Being Reduced by $1 Trillion

"You recall that when I first came into office, deficits were skyrocketing partly because the economy was plummeting - less tax revenue coming in, more going out. And the notion was that the steps we took to ensure the economy's recovered was going to cause even higher deficits. Red ink as far as the eye can see. Well, since I took office we've cut our deficits as a share of our economy by about two thirds. Two thirds! (Applause)

And looking forward, our long term deficit projections have improved as well in part because we've done such a good job in controlling health care costs. The Affordable Care Act alone will cut our deficits by more than a trillion dollars over the next two decades. This slowing growth in health care costs has saved the Medicare system tens of billions of dollars. Health care was the single biggest factor driving up our projected deficits.”