This week in Washington, I continued my fight against the wasteful borrow and spend policies that have led to our nation's first-ever $1 trillion deficit by opposing a bill that will enact a backdoor increase in federal spending,
The Democrat majority in Congress passed into law a $1.1 trillion stimulus plan. Since it was passed, we've had almost three million more Americans join the unemployment ranks. We also have the highest unemployment in almost a quarter century. The stimulus plan weighed in at $9,746 per household.
Next, the Democrat majority in Congress passed and the President signed into law a spending bill costing $410 billion, or $3,511 per household.
The bailouts continue. Another $30 billion for A.I.G., almost $30 billion for Fannie Mae and Freddie Mac, not to mention $60 billion for G.M. and Chrysler and the serial bailouts continue.
What has all this spending brought us? It's brought us the nation's first trillion-dollar deficit, a deficit that's increased ten-fold in just two years. On top of this, the President and the Congress want a $3.6 trillion budget and a trillion-dollar nationalized health care plan that we cannot afford, meaning that the national debt will triple in the next ten years.
Under this spending plan, we're borrowing 43 cents on the dollar, mainly from the Chinese and sending the bill to our children. If the spending, the borrowing, and the deficits do not stop, this will be a Congress that will assure it's just a matter of time before the Chinese initiate foreclosure proceedings on our nation. We cannot let that stand.