“…the deficit is merely a symptom; the disease is out of control federal spending.”

Congressman Jeb Hensarling (TX-05), the second ranking Republican on the House Budget Committee and a member of the National Commission on Fiscal Responsibility and Reform, released the following statement in response to the Treasury Department’s release of the final budget totals for Fiscal Year 2010:

“As the federal government officially closes the books on another fiscal year, let’s hope this coming year is better for taxpayers than the one we just finished,” said Congressman Hensarling. 

The federal government’s fiscal year begins on October 1 and runs through September 30.  According to the Treasury Department, FY2010’s deficit was $1.294 trillion and the federal government spent $3.456 trillion.  This means that almost 40 cents out of every dollar was borrowed. 

“For only the second time in American history – the previous year being the first – the federal government ran a $1 trillion-plus deficit.  However, the deficit is merely a symptom; the disease is out of control federal spending.  Over the past two years, Congressional Democrats have embarked upon an unprecedented spending spree in an attempt to spend, borrow, and bailout our way to economic prosperity.  In fact, since President Obama took office, non-defense discretionary spending has increased by 84%, and grown to nearly 25% of the economy – well above the post-World War II historic average of 20%. 

First, there was the $1.2 trillion failed stimulus bill, then the $410 billion omnibus in 2009, then the $871 billion cap and trade bill that would impose a national energy tax, then the $445.8 billion omnibus in 2010, then the $2.6 trillion health care bill resulting in a government takeover of health care, and then finally a $26 billion bailout for states.  All of this spending caused the deficit to balloon to nearly 10% as a share of the economy, a level that greatly exceeds the 3% or less level determined as sustainable by President Obama’s former Director of the Office of Management and Budget, Dr. Peter Orszag.”

“Out of control spending is the reason that Representatives Mike Pence, John Campbell and I authored a Spending Limit Amendment to the United States Constitution (H.J. Res. 79), which would limit federal spending to no more than 20% as a share of the economy.  We must address the root cause of the problem if we hope to get our fiscal house in order, which I believe we must do.  Otherwise, we will be the first generation in American history to leave the next with less freedom, less opportunity, and a lower standard of living.”  

“Congressional Democrats owed the American people a debate on our nation’s spending priorities.  However, instead of an honest debate, they deliberately chose to avoid such a debate so that the American people would not have an opportunity to examine their record.  This was truly disappointing because it appears to have been a decision that was motivated by concerns about the next election, not the next generation,” concluded Congressman Hensarling.