01/26/2012 09:56 pm ET Updated Jan 26, 2012

Newt Gingrich Booed For Bragging He Balanced Budget (VIDEO)

When Newt Gingrich boasted that Congress balanced the budget four times when he was House Speaker, Rep. Ron Paul (R-Texas) pounced.

"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 [neither] Reagan nor you had a truly balanced budget, because the national debt goes up and that's what we pay the interest on."

Gingrich responded: "Under the system that was used, we were $405 billion in balance."

At this point, the audience began to boo Gingrich.

"I agree with Ron. Let me finish," Gingrich said testily. "I actually agree with you and I have proposed that we take Social Security off budget."

The Paul campaign sent out a release moments later with the headline: "Another Fudged Fact By Newt: 'I balanced the budget.'"

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
(Source: Treasury Direct.gov)