CHARLOTTE -

Former President Bill Clinton has formally nominated President Barack Obama to be the Democratic Party's candidate in the next presidential election.

Clinton says he was nominating Obama for a second term because he wanted a man who is cool on the outside but burns for America on the inside.

Clinton said President Barack Obama inherited a much weaker economy than he did when he took office in 1993. No president could have repaired the damage in just four years, he said. "But conditions are improving, and if you'll renew the president's contract you will feel it," Clinton said.

Obama's plan to cut the national debt by $4 trillion over the next decade is a balanced approach and a better plan than the one offered by Republican presidential candidate Mitt Romney, Clinton said. Romney's plan, which begins with trillions of dollars in tax cuts, makes the debt even bigger, he said. "The numbers don't add up," Clinton said.

Democratic presidents have created millions more jobs over the past 52 years than their Republican counterparts, Clinton said. Since 1961, the Republicans have held the White House for 28 years and the Democrats for 24 years, he said. The U.S. economy produced 66 million private sector jobs over that period. Forty-two million of them came during Democratic administrations, and 24 million came during Republican administrations, according to Clinton.

Obama's health care overhaul has generated more than $1 billion in insurance premium refunds for individuals and businesses because the law requires the bulk of the premiums to be spent on health care, and not profits or promotion, Clinton said. People between 19 and 25 can be insured on their parent's policies because of the law, he said, and seniors are receiving preventive care.