Another Record High Deficit - 031110

Jennifer Naedler — Thu, 11 Mar 2010 22:00:00 GMT

Yesterday, Treasure Secretary Geithner testified before our subcommittee and I pressed him about our nation’s deficits and unfunded liabilities. I noted that the Obama administration and Nancy Pelosi had “spent more money in less time than any administration in history, [they] have driven the deficits to unprecedented levels, and [they're] trying to sell a bill of goods to the country claiming that [they're] going to create the mother of all entitlements, insure 30 million more Americans, and we’re going to save you money … Nobody believes that.” Please click here to watch the video.

His testimony came on the same day the Treasury Department announced that the Obama administration had run up the largest monthly deficit in history. In February, the federal deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of 2009 and there is no sign of slowing down. According to the Associated Press, “The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year's $1.4 trillion total.”

Against this backdrop, the Obama administration is proposing another massive new entitlement program under the guise of health care reform. The fact is our country cannot afford a new entitlement program. Medicare is currently broke, Social Security is going broke and Medicaid is bankrupting not only the federal government, but also the states. I believe we need to reform health care, but we can do it without bankrupting our country in the process. To learn more about Conservative health care proposals, please click here.

The American people are tired of out-of-control government spending, taxing, and borrowing. To show that House conservatives are serious about the urgent fiscal crisis our nation is facing, I have joined my colleagues in calling for an immediate moratorium on all earmarks. Congress has to start living within its means or we will end up like Argentina – fiscally insolvent. By taking these small steps, we can put our country back on a path to fiscal stability.

11-Mar-10 4:00 PM

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Another Record High Deficit - 031110