Democrat Taxing and Spending Threatens Next Generation
Washington, Jul 29, 2008 -
Washington, D.C. - On July 28, 2008 the Office of Management and Budget (OMB) issued a Mid-Session Review and updated deficit numbers. This year’s budget deficit has increased from $162 billion to $389 billion, or 2.7% of our Gross Domestic Product (GDP).
Congressman Doug Lamborn (CO-05) released the following statement in response to the sharp increase in the projected budget deficit for 2008.
“Like many Americans, I am troubled by the news out of Washington that the budget deficit will balloon to $389 billion for 2008. For fiscal conservatives, such as myself, this news reinforces the need to reduce government spending.
“It is for this reason that I voted against the hastily negotiated housing bailout bill last week. The bailout proposes a massive increase in the size and scope of the federal government. This bill not only contained a net tax increase of $3.8 billion over six years, but it also authorized more than $300 billion in mortgage refinancing for individuals and businesses at the taxpayers' expense.
“Americans are sick and tired of out-of-control spending. We cannot continue to spend beyond our means and ignore the long term consequences. We are saddling our children and grandchildren with deficits that will cripple our economy for years to come.
"The best way to reduce the deficit, balance the budget, and create jobs is to rein in wasteful government spending and to promote pro-growth economic policies. We will continue to fight for transparency and accountability against a Democrat majority that is clearly ill-prepared to handle their responsibility." -Congressman Doug Lamborn (CO-05)
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