WASHINGTON, D.C. - House Majority Leader Steny H. Hoyer (MD) released the following statement after the Congressional Budget Office (CBO) issued a new deficit estimate for fiscal year 2009 today:
"Today's new deficit estimate for fiscal year 2009 shows the result of two things: fiscally reckless policies by the Bush Administration, and actions taken to rescue our nation's economy from collapse. While the latter was absolutely necessary, the former was both unnecessary and incredibly damaging to our nation's fiscal outlook.
"Even after we recover from this recession, we will have a long fight ahead of us to turn around the massive deficits left behind by President Bush and Congressional Republicans. Democrats remain committed to fiscal responsibility, and will take on that fight. An important element is restoring statutory 'pay-as-you-go,' and I hope the Senate will act quickly to pass it."