Democrats Refuse to Offer A Budget, Royce Reacts

Statement

Rep. Ed Royce (R-CA), a senior member of the House Financial Services Committee and one of the few members to oppose every bailout, issued the following comments after the Democrat Leadership announced it would not pass a budget this year:

"After three and a half years of Democratic control the deficit is now ten times what it was since Pelosi became Speaker of the House. Still the Democrats continue to spend and spend and spend. Now they've announced they won't even put a budget before this Congress, this will be a first since the enactment of the 1974 Budget Act.

"Our budget deficit for this year ($1.6 trillion) will be roughly 11 percent of our GDP -- twice the size of any year since WWII. Don't expect that to change anytime soon, since according to the Administration's own numbers we will never see a balanced budget or a budget deficit below $700 billion.

"As the Chairman of the Federal Reserve said, this is simply unsustainable.

"Yet we continue to ignore opportunities to get serious about this out-of-control spending. For example, this week the Conference Committee on financial regulatory reform will wrap up debate on legislation that will fundamentally change the US financial sector. Missing from this legislation will be an end to the GSE's unlimited $145 billion (and growing) taxpayer bailout.

"This failure to operate within our means is plunging our nation deeper and deeper into debt."

Source