The fact that this announcement comes after the President pledged to get spending under control and reduce the deficit is astounding. Not only do they predict that there will be $5.08 trillion in deficit spending over the next five years, but it is a 35 percent increase over what the administration projected just one year ago.
Today, Congressman Mike Conaway (R-TX-11) issued this statement following the President’s announcement of his FY2011 budget, which calls for $46 trillion in spending over the next decade:
“The fact that this announcement comes after the President pledged to get spending under control and reduce the deficit is astounding. Not only do they predict that there will be $5.08 trillion in deficit spending over the next five years, but it is a 35 percent increase over what the administration projected just one year ago. This means that one third of the President’s budget is spent with ‘borrowed’ money, meaning money borrowed from our children and grandchildren. Today’s announcement will do absolutely nothing to create new jobs, reduce the deficit, and discourage new spending, all things that the Presidents claims are priorities of his. I will continue to firmly oppose any forms of new spending in Congress, and hope that President Obama will work with us in helping our economy.”
Fact: During the Bush years, from FY2001 until FY08 (8 years), the national deficit was $2.05 trillion. Astoundingly, our national deficit from FY09 through the first quarter of FY10 has already reached $1.8 trillion.
Fact: The first quarter of FY2010 spending is larger than all but two other annual deficits in our nation’s history.
Fact: The President’s budget will impose tax
hikes on U.S. producers of oil and natural gas. These taxes would reduce investment in new U.S. production by 20 to 40 percent, while simultaneously driving down U.S. oil production by 20 percent and natural gas production by 12 percent; potentially killing thousands of jobs.
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