WASHINGTON, DC - House Majority Leader Steny H. Hoyer (D-MD) issued the following statement in response to the release today of the Congressional Budget Office's "The Budget and Economic Outlook: Fiscal Years 2008-2017":
"Last night, the President stated his desire to move our federal budget back toward balance without presenting any credible plan for doing that. Today, the Congressional Budget Office indicated just how far the Bush Administration's reckless fiscal policies over the last six years have driven our nation into the fiscal ditch, reporting that this year's deficit will be approximately $200 billion when the costs necessary to finance military operations are included. In fact, the on-budget deficit will approach $400 billion when the surplus attributable to Social Security is excluded. At this rate, the national debt will break the $10 trillion barrier by the end of the decade.
"While some may try to spin today's news as somehow positive, the reality is that this CBO projection represents a $750 billion deterioration in the budget outlook for Fiscal 2007 from the one President Bush inherited when he took office. When the President came to office, CBO projected that the budget would run a $573 billion surplus in this fiscal year.
"If the President and Congressional Republicans are serious about restoring fiscal responsibility, then they will support the pay-as-you-go budget rules that House Democrats reinstated three weeks ago and which are credited with producing the record budget surpluses of the 1990s. The continued unwillingness of Republicans to endorse these common-sense budget rules - which require our nation to pay for the things it buys - demonstrates that they only want to pay lip service to balanced budget and fiscal responsibility.
"It is imperative that we get our fiscal house in order. The exploding deficits and spiraling debt instigated by this Administration's policies threaten our economic prosperity as well as our national security. Furthermore, it is simply immoral for this generation of Americans to force our children and grandchildren to pay our bills."