WASHINGTON – Today the nonpartisan Congressional Budget Office released its Monthly Budget Review for September, including its estimate of a roughly $438 billion deficit for Fiscal Year 2008, which ended on September 30. House Budget Committee Chairman John Spratt (D-SC) released the following statement.

“Today the Congressional Budget Office announced another grim reminder of the damaging fiscal problems that Republican policies have created: a record-high federal budget deficit of about $438 billion for fiscal year 2008. In fact, this Administration will be responsible for the five worst federal budget deficits in American history.

“In contrast to the fiscal and economic progress achieved by the Clinton Administration, the Bush Administration has taken record-high budget surpluses and transformed them into record-high deficits. Over eight years, Republican policies have wiped out the entire $5.6 trillion projected ten-year surplus.

“Now, when our economy is reeling, Americans are also faced with the consequences of misguided Republican budget choices that have created these large deficits. Sadly, our children and grandchildren will be paying the price for years to come as they shoulder this growing burden of debt.”

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