Washington, D.C. – Members of the House Blue Dog Coalition responded today to the Congressional Budget Office (CBO) projection unveiled Monday that the federal deficit will hit a record $477 billion this year.
“We might disagree on how we got into the situation, but we should all be able to agree that we are in a hole and we need to stop digging,” said Rep. Charlie Stenholm (TX), Blue Dog Co-Chair for Policy. “This Congress and administration’s borrow and spend approach is even worse than tax and spend. Adding trillions to the national debt will raise taxes on future generations – those who do not have a voice in the political process – forcing them to pay the price tomorrow for our actions today.”
In October of 2003 at the Blue Dogs request, CBO conducted an analysis of administration spending policies that concluded the president’s policies would increase the deficit by $2.25 trillion from 2004-2013. The findings – while originally rebuked by the administration – have been subsequently confirmed by other budget watchers on the Hill and Wall Street, and further confirmed by today’s CBO estimate that concludes the deficits will be $4.124 trillion over ten years if the tax cuts are extended.
“The numbers speak for themselves: $477 billion deficit this year alone, over $4 trillion in deficit spending in the coming decade, and a national debt that could approach $14 trillion by 2013,” explained Rep. Dennis Moore (KS), Blue Dog Whip and member of the House Budget Committee. “Clearly there is much work to be done to get our fiscal house in order and secure our nation’s long term fiscal strength.”
This year’s winter projections are in sharp contrast to January 2001, the year Bush took office, which showed surpluses over the next decade in excess of $5 trillion dollars.
“Our projected deficits are long-term and threaten the strength and security of our nation, like a hidden enemy that we fail to see,” stated Rep. Jim Turner (TX), Blue Dog Co-Chair for Administration. “Our failure to change course will leave our children an inheritance of debt and an economic crisis that no responsible parent would leave for their children.”