WASHINGTON, D.C. - House Budget Committee Chairman John Spratt issued the following statement on the new deficit estimate released today by the Congressional Budget Office (CBO).

“It should be remembered that fiscal year 2009 began during the Bush Administration, which left in its wake the worst recession since the 1930s, including a sharp plunge in revenues. As a result, a large part of the 2009 deficit results from policies undertaken by the Bush Administration, including the cost of the TARP. Much of the rest stems from the cost of efforts like the Recovery Act, which was necessary to keep a faltering economy from becoming an economic meltdown.

“It is counterproductive to balance the budget when the economy is in recession. But today’s figures send us the latest alarm. As the economy stabilizes and starts to recover, we will have to turn our focus back to deficit reduction.”

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