FOR IMMEDIATE RELEASE November 10, 2005

CONTACT: Brendan Daly/Jennifer Crider 202-226-7616

Pelosi: ‘America Can Do Better than Irresponsible Spending and Trade Policies’

Washington, D.C. – House Democratic Leader Nancy Pelosi released the following statement today on the Commerce Department’s announcement that the trade deficit increased 11 percent in September, to $66 billion.  The trade deficit is running at an annual rate of $706 billion, putting the country on pace to reach an all-time high.

“Today’s trade deficit numbers are another sign that Republican economic policies are failing to meet the needs of the American people.  In a decade, our trade deficit with China alone has grown from $2 billion a year to more than $2 billion a week.  At the same time, Republican economic policies have created huge budget deficits that are being financed by borrowing from our foreign competitors.  And, the Republican budget on the floor todaywill add an additional $20 billion to the already skyrocketing deficit.  America can do better than irresponsible spending and trade policies that are jeopardizing our economic security and placing our economic future in the hands of foreign countries.

“Ballooning deficits have a real impact on hard-working Americans, bringing higher interest rates and slower economic growth.  At a time when working families are facing skyrocketing gas prices at the pump and increasing costs of education, they need economic and trade policies that work for all Americans, not just the wealthy few.  That’s why Democrats are fighting for fair trade and fiscal responsibility to create new markets for U.S. goods and provide opportunities for America’s working families, farmers, and small business owners.”

“ Democrats are united in presenting a New Direction for America, one that will make our nation as strong as its people, one that brings opportunity, security, and prosperity to all Americans. ”

Democratic Leader Nancy Pelosi