Federal Deficit Reaches $1.42 Trillion Thanks to Shea-Porter's Washington Spending Spree
Washington- Carol Shea-Porter's vote for her party’s trillion-dollar ‘stimulus’ has failed to yield promised results as the nation’s economy continues to tumble, but it does appear that her Washington spending spree has finally helped produced something: the largest deficit in the country’s history. While Americans are still waiting to see any real recovery coming from Shea-Porter's reckless policies, they can pass the time by watching the hole in the federal budget grow larger and larger:
“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.”
“Government spending last year jumped to $3.52 trillion, up 18.2 percent over 2008, the biggest percentage increase since a 23.4 percent jump in 1975, another year in which the country was struggling with a painful recession. The $700 billion financial bailout fund and increased spending and tax relief from the $787 billion economic stimulus program that Obama pushed through Congress in February drove the 2009 increase.”
“Failure to curb runaway deficits could trigger a financial train wreck that would push interest rates and inflation higher, and send the dollar crashing if foreigners suddenly started dumping their holdings of Treasury securities.” (Martin Crutsinger, “Federal Deficit Hits All-Time High at $1.42 Trillion,” Associated Press, 10/17/09)
“At this point it’s clear that Carol Shea-Porter is buying into her party’s spending addiction at the expense of economic recovery and financial solvency for future generations,” said NRCC Communications Director Ken Spain. “If Shea-Porter can’t figure out how to stop spending the country into further debt in the name of failed ‘recovery’ policies, New Hampshire voters will find someone who can.”
As the deficit continues to climb to new highs, the country has reached a turning point. It’s time for Carol Shea-Porter to either start cleaning up after her failed policies or cleaning out her desk in Washington.