Congressman Tom Price (R-GA) issued the following statement after the Obama administration released its Mid-Session Review of the federal budget, which predicts that this year’s deficit will be $1.47 trillion – the largest in history.

“This report throws ice water on the Democrats’ claims of fiscal responsibility,” said Congressman Price. “For the third year in a row, Washington's binge-spending is creating the largest budget deficit in history. Under President Obama’s latest guidance, taxpayers will owe a stunning $26.2 trillion in debt only ten years from now. Just the interest payments alone could cripple our economy. Democrats claim we need job-killing tax increases while ignoring the fact that the enormous rise in debt is caused by Washington’s gluttonous appetite for spending.

“Despite the immediate need to prioritize and reduce spending, the Democrats running Washington have no budget and no idea how to tackle this skyrocketing national debt. America cannot afford so-called leaders who refuse to confront this crisis and choose to kick the can down the road.

“Although the majority party refuses to write a budget of any kind, the Republican Study Committee recognizes the need for real leadership. We have a concrete budget proposal that reins in spending, reduces the deficit every year, and achieves a surplus by 2019. Tough choices must be made to safeguard America’s fiscal and economic future, but I’m confident the American people are up to the challenge.”