In it, but not of it. TPM DC
And in an exchange with John Roberts on CNN:
BACHMANN: And remember it's a deficit to government but it's not a deficit to people who get to keep their money. So it's how you frame it. I don't think letting people keep their own money should be considered a deficit.
ROBERTS: But it is, though, because it adds to the federal deficit.
BACHMANN: No, you're right about that, John, that it is to the government, but remember what we could also be doing right now: Cutting back on spending. We've had the biggest increase in spending in the last two years that anyone can remember in modern times. We can also cut back spending to that level and that's not on the table right now.
(Via Media Matters)