FactCheck and Politifact, both left-leaning watchdogs, have conceded that Obama's claim that "by the middle of this decade ... [w]e will not be adding more to the national debt" is false. In fact, Obama plans to increase the budget by the better part of a trillion dollars every year after 2012 (when the increase is above $1 trillion).
Having made the statement for public consumption (delivered by an acquiescing media which worthy of any third-world dictator), the president has now "clarified" his fallacy by saying he excluded interest payments on the debt. Of course, that's not what he originally said and it's a ridiculous way to analyze the issue. It's of no difference whether debt is increased by new spending or interest on old spending when the goal is to reduce debt.
Obama has elevated the "blame Bush" strategy to unimagined heights. Apparently, his budget is not responsible for any interest payments on the debt he received from Bush, so he's just ignoring that interest. Obama's reality is impregnable to logic, shame and the most basic laws of mathematics and finance. I hope Americans do not accept his offer to buy land there.