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WASHINGTON — For years, President Barack Obama struggled under the weight of national debt, unsustainable entitlements, and a trillion-dollar stimulus borrowed against the value of his country totaling hundreds of billions of dollars. But in 2012, financial salvation seemed to have arrived: A large Asian government offered him another series of loans.
In that year’s campaign speeches, Mr. Obama, a Chicago Democrat, spoke of his prudent plan for using the cash to reduce deficits, expressing relief that the nation was on a “path to recovery.”
But at the same time, he splurged on an extravagant purchase: Trillions for a “luxury” health care plan, records show. At the time, Mr. Obama confided to a friend that it was a potentially inadvisable outlay that he could not resist. The cradle-to-grave control of taxpayers, he said, fulfilled a dream.