NRSC - New Report Highlights Reality Of Hodes' Reckless Government Spending Spree

NRSC Says 2010 Election Gives Voters Chance To Restore Government Accountability

WASHINGTON – As Senate hopeful U.S. Representative Paul Hodes (D-NH) and his Democrat colleagues move forward with their multi-trillion government-run health care plan, a report by the New York Times today details the impending reality of the Democrats’ reckless spending this year.

This comes on the heels of a report from the U.S. Treasury Department this month that the federal deficit was $176 billion for the month of October alone.

According to the Times today:

With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.

In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.

October’s $176 billion deficit means that under the Obama Administration’s policies, the federal government is borrowing money at the staggering rate of $5.6 billion a day, $236 million a hour, and $3.9 million a minute.  This means that every second, the federal government is going another $65,000 in debt. 

 “From the Wall Street bailout, the government’s takeover of General Motors, and the failed stimulus boondoggle, Paul Hodes and his fellow Democrats in Washington have been using the federal treasury as their personal credit card,” said National Republican Senatorial Committee (NRSC) spokeswoman Amber Wilkerson Marchand. “Even now, despite a record debt and rising unemployment, Hodes and Democrats in Washington want to pass yet another massive government entitlement and spending program.”

 “Unfortunately, it’s ultimately New Hampshire taxpayers and the generations after them who will pay the price for Hodes’ reckless government spending. As Hodes seeks a promotion to the U.S. Senate next November, Granite State voters will have the opportunity to cut off his government credit card and restore checks and balances in Washington Election Day,” Wilkerson Marchand concluded.