White House Predicts Record $1.47 Trillion Deficit

The Washington Post is reporting that the White House predicts a record $1.47 Trillion deficit.

Americans for Limited Government President Bill Wilson responded today:

"The announced $1.47 trillion deficit by the Obama Administration is just the latest insult to American taxpayers, who during these stressful economic times are scaling back their family budgets but watch helplessly as government dramatically expands without paying for it. That money will have to borrowed through Treasury auctions, and what cannot be borrowed will simply be printed by the Federal Reserve, which already holds $777 billion in U.S. treasuries.

"In the process, the government is chaining the American people, and future generations, to a mountain of debt that cannot possibly be paid back, and strangling any hope of growth or economic recovery. The spending splurge is destroying hope of Americans who don't want more unemployment insurance, but instead want a job."

House republican Leader John Boehner responded:

“Today’s report is a stark reminder of the legacy of Obamanomics: more spending, more debt, and fewer jobs. This report confirms that our national debt will double in five years and triple in 10 years. It confirms that our deficits are not sustainable.

“For the next fiscal year, the deficit is estimated to be $150 billion higher than it was in February. Deficits are $243 billion higher for the next five years compared to February. Yet Washington Democrats still refuse to produce a budget. This report is a testament to a failure of leadership from President Obama and Democratic Leaders in Congress.

“There is a better way. House Republicans have offered up to $1.3 trillion in spending cuts to help get our nation on the path to fiscal sanity. We have offered to support a package of immediate cuts if President Obama sends one to Capitol Hill. Working together, we can make the hard choices necessary to save this country from the ruin of endless spending, endless deficits, and endless debt, and preserve the American dream for future generations.”

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