Hoyer Statement on Release of Fiscal Year 2008 Deficit Numbers

For Immediate Release:

October 7, 2008

Contact:

WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today on the nonpartisan Congressional Budget Office's release of its Monthly Budget Review for September:

"Today's budget numbers are another sad reminder of the Bush Administration's historic fiscal recklessness. The Congressional Budget Office has reported that the federal budget deficit for fiscal year 2008 is $438 billion, $276 billion greater than the 2007 deficit.

"Those numbers demonstrate how far this Administration has taken us from the path of responsibility. When President Bush took office, the CBO projected that we would run a surplus of $635 billion in fiscal year 2008--instead, we have swung a staggering $1.073 trillion in the wrong direction. The ongoing crisis on Wall Street, sparked in part by a world collapse in confidence in our financial system, demonstrates the dangerous consequences of reckless borrowing and runaway debt.

"The Democratic Congress, working next year with a new President, will strive to restore fiscal discipline to the federal budget."

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