In response to the release of the President's fiscal year 2011 budget, Rep. Ralph Hall (R-TX/4) said today, ""This level of spending and debt is unsustainable, and the consequences will be disastrous if we don't get our fiscal house in order."
The President's budget pushes this year's deficit to a new record of $1.6 trillion and drives spending to a new record of $3.8 trillion in fiscal year 2011. The budget would push the debt to $9.3 trillion, or 63.6 percent of gross domestic product -- the largest debt in history and the largest debt as a share of the U.S. economy in 59 years.
"When we had enormous debt at the end of World War II, the problem was more manageable because when the war ended, the budget was back in balance in two years," Hall noted. "The problems we face today will require significant budgetary discipline for the foreseeable future. Instead, since taking office, the President has signed appropriations bills and a stimulus that have led to an 84-percent increase in non-defense discretionary spending over two years."
"I've heard the President complain and blame President Bush, claiming an unmanageable deficit that he inherited. The deficit has exploded even further with President Obama's stimulus bill and bailout package -- which I opposed," Hall stated. "His energy cap-and-tax proposal and government takeover of health care -- which I also opposed -- would cost billions more if enacted. I ask you, "Are we better off today than we were the day President Bush left office?' I don't really believe we are."
"I hope that the Democrats in Congress will heed warnings from the Congressional Budget Office -- and from the American people -- and produce a common-sense, fiscally responsible budget that will begin to reduce the deficit and strengthen the economy," Hall urged. "We owe it to our children and grandchildren to eliminate this burden that could be a generation killer."