As Republicans this week extend their attacks on President Obama for the increasing federal debt, the RNC’s “rapid response” team has dredged up old video of then-Senate candidate Obama elaborating his views about the federal deficit during a 2004 debate.

In the course of his response to a moderator’s question about the “monstrous federal deficit,” Obama says it’s “an enormous problem” brought about by the Bush White House, which he calls “the most fiscally irresponsible administration in certainly my memory.”

“We have gone from trillion-dollar surpluses to trillion-dollar deficits in the blink of an eye,” Obama said. “Not all of those costs are the fault of the administration — obviously, 9/11 occurred and the decline in the economy. But what is also true is that it was aided and abetted by a set of fiscal policies that I think were on the wrong course.”

Watch, via the RNC (and h/t Buzzfeed):