Our President is likely referring to this mess:
Obama either doesn't understand or doesn't care that it will take generations to pay off the debt that he will have accumulated in just four years.
How much debt is Obama piling up? Following Obama's projected budget, the debt, as a fraction of GDP, is shown here in red:
For reference, a national debt of 100% of GDP or more is generally considered a danger sign. Under Obama's plan, Social Security and Medicare will soon run out of money. Rep. Ryan has proposed an alternative plan under which the deficits decline as shown in green. Democrats, of course, find his plan outrageous.