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WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement this morning after President Bush nominated Henry M. Paulson, Jr., to serve as Treasury Secretary, succeeding John Snow:
“Based upon his resume and his many professional achievements, it is clear that Henry Paulson is an accomplished economist and an impressive figure who has a thorough understanding of national and international economic issues.
“I hope that Mr. Paulson speaks truth to power, and urges the Administration to adopt responsible fiscal policies. The fact is, the Bush Administration has pursued the most reckless fiscal policies in the history of our nation over the last 65 months, squandering a $5.6 trillion budget surplus, adding more than $3 trillion to the national debt, and running record budget deficits of more than $300 billion.
“The President has done virtually nothing to address this dangerous explosion of deficits and debt. I hope Mr. Paulson will prevail upon him to do so.”