NRSC - Federal Deficit Reaches $1.4 Trillion As Paul Hodes Leaves Door Open For More Spending

WASHINGTON – As U.S. Representative Paul Hodes (D-NH) leaves the door open to adding yet another quarter-trillion dollars to the federal deficit on new health care spending, the Associated Press reports this afternoon that the federal deficit has hit an all-time high of $1.42 trillion, which is higher than the last four years of the Bush Administration combined.  

The AP goes on to report that “the 2009 imbalance more than tripled last year's record, and deficits are projected to total $9.1 trillion over the next decade.”

 “America is facing a record federal deficit, New Hampshire is grappling with rising unemployment rates, and the response from Paul Hodes and his Democrat colleagues in Washington has been to spend, spend, spend, and then spend some more,” said National Republican Senatorial Committee (NRSC) spokeswoman Amber Wilkerson Marchand.

 “At what point will Congressman Hodes finally stand up and say enough is enough?  Under his Party’s leadership, we’ve seen Wall Street bailouts, auto company bailouts, a record level of Washington spending, and more debt than future generations will ever be able to repay.  And now, the Democrats want to pass a government-run health care system.  When is enough – enough?” Wilkerson Marchand continued.

 “Today’s news of our $1.4 trillion deficit should be setting off alarm bells across New Hampshire that their representatives in Washington like Paul Hodes are asleep at the wheel. Congressman Hodes will absolutely be held accountable for his Party’s out of control spending as he seeks a promotion next November,” Wilkerson Marchand concluded.

Background Information

The Federal Deficit Has Reached An All-Time High Of $1.42 Trillion. “The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy. The 2009 imbalance more than tripled last year's record, and deficits are projected to total $9.1 trillion over the next decade.” (“Federal deficit hits all-time high of $1.42T,” The Associated Press, 10/16/09)

This year’s deficit is bigger than the last four years of the Bush administration—combined:

 

2005

-318,346

2006

-248,181

2007

-160,701

2008

-458,555

 

 

Last four years’ deficits combined equal $1.185 trillion.

http://www.whitehouse.gov/omb/budget/fy2010/assets/hist01z1.xls