WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement today:
"Today, President Bush demonstrated that he is not only in a state of denial on the war in Iraq. He also is deeply in denial over our nation's historic fiscal downturn, which has been instigated by his reckless economic policies and the decision to shun common-sense, pay-as-you-go budget rules.
"No amount of Republican Party spin can obscure the bottom line: The Bush Administration and Congressional Republicans inherited a projected 10-year budget surplus of $5.6 trillion in 2001, and in just 70 months turned that surplus into a projected deficit of $4 trillion.
"The numbers simply do not lie. In the last five years, the Bush Administration and Congressional Republicans have created the three largest budget deficits in American history. They have raised the statutory debt limit four times in five years, adding more than $3 trillion to the national debt, which today stands at $8.6 trillion. And, since 2001, they have spent every single nickel of the Social Security Trust Fund – an action that artificially masks the true size of the budget deficit.
"The fact is, this is the most fiscally irresponsible Administration in American history. Virtually everyone recognizes that President Bush's successor – be it a Democrat or a Republican – will be forced to clean up the fiscal mess that his Administration will leave behind.
"Democrats propose a new direction on the economy, and we are committed to restoring fiscal discipline. We believe it is imperative to restore the common-sense, pay-as-you-go budget rules that were adopted on a bipartisan basis and which helped us achieve four consecutive budget surpluses in the 1990s."