Fiscal Year 2010: CBO Records Unsustainable Debt
Another year, another trillion dollars in debt…or so it appears this Congress goes. The Congressional Budget Office (CBO) has just released a FY2010 analysis pegging the federal budget deficit for the past year at $1.291 trillion. According to the CBO report, federal spending in 2010 accounted for 23.6% of the entire economy. If you know your American history, you’ll know that adding that 23.6% to last year’s 25.4% records the highest spending levels in our nation’s history, with the exception of World War II.
Review the CBO report here.
If we do not quickly reverse the current course of frenzied overspending and pass spending cuts across the board, our debt will soon carry this nation over the cliff. This report is a clear indication of the self inflicted threat we now face. The last two fiscal years have marked record shattering deficit spending in Washington by a majority in Congress that increased spending rates to unsustainable levels. Worse, if acted upon, the President’s budget proposal would only serve to double our national debt. If we continue to spend at current levels, we will leave future generations with permanent trillion dollar deficits.
The federal government's fiscal year ends this Thursday, and instead of considering legislation to reduce and restrain spending, Congress is scrambling to pass a Continuing Resolution (CR) to most likely extend the current levels of bloated, out-of-control, federal spending. This is the epitome of tone deaf leadership. In the last two weeks, the House has found a way to add $5 billion in new spending, and yet, we cannot get as much as a debate on spending cuts or limits.
It's Not PrettyMany of you know, I am a member of the Joint Economic Committee, a bicameral committee in Congress. Recently, the Republican staff released a chart detailing the organization of America’s new health care system based only on the law. And it isn’t pretty.
On January 1, 2011, Democrats will knowingly institute a $3.8 trillion tax increase on American taxpayers and small businesses. In this economy, tax increases like this will only serve to stifle the creation of American jobs because of its punitive effect on small businesses.
The Democrat's Spending Spree
When you woke up on June 30, you may not have realized that you were waking up to a historic day. However, this was not a day that marked American achievement, innovation, or recovery. It was a morning that witnessed a $166 billion single day increase in American debt. That would be the third largest deficit hike in American history and, shockingly, we reached this extraordinary mark in just two years of wanton, unchecked spending initiated by President Obama and carried by this Congress.
Page 1 of 4