In response to the Congressional Budget Office (CBO) today announcing that the federal deficit surpassed the $1 trillion mark in June for the second straight year, Congressman Leonard Lance released the following statement:
"Out of control spending on ObamaCare, bank bailouts, and failed stimulus plans is costing trillions of dollars in borrowing," Lance said. "Our current fiscal path is unsustainable. An aggressive plan is needed to tackle the debt and put our Nation on a glide path toward fiscal restraint and reduced spending. Congress and the President cannot continue spending money that we simply do not have."
Today's announcement by the non-partisan CBO comes on the heels of news reports that the nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history.
According to news reports, the one-day increase for June 30 totaled $165,931,038,264.30 -- larger than the entire annual deficit for fiscal year 2007. The figure works out to nearly $1,500 for every U.S. Household.
"Clearly we cannot continue this current unsustainable path of spending, deficits and debt," Lance concluded.