At a fundraiser in Baltimore Tuesday President Obama said the debt and deficit he inherited is "baked in" structurally.

"I inherited a trillion-dollar deficit. We had a surplus, they turned it into a deficit, built it into a structural deficit that lasts for decades, " said President Obama.

"All of this stuff is baked in, with all the interest payments for it, it's like somebody goes to the restaurant, orders a big steak dinner, martini, all that stuff and then just as you're sitting down, they leave and accuse you of running up the tab," he said. "That's what they do."