Pelosi: 'Trade Deficit Numbers Confirm Majority's Economic Policies Put Our Economic Future at Risk'
Washington, D.C. - House Democratic Leader Nancy Pelosi released the followings statement this morning on the announcement by the Commerce Department today that the trade deficit increased 12 percent in April, to $57 billion. The trade deficit is running at an annual rate of $686 billion, 11 percent higher than the record deficit set for all of 2004.
"Today's trade deficit numbers confirm that Republican economic policies continue to put our economic future at risk. The Republicans have created massive trade and budget deficits that place our economic future in the hands of foreign countries, and will have real consequences for generations to come.
"These deficits mean interest rates will rise and economic growth will slow. Meanwhile, we are passing on mountains of debt to our children and grandchildren.
"We must take a new direction on the economy to restore prosperity for our country. Democrats believe that we must return to accountability, and bring back pay as you go spending rules that require the federal government to live within its means. And Democrats are fighting for fair trade and fiscal responsibility to create new markets for U.S. goods and provide opportunities for America's working families, farmers, and small business owners."