Today the President released his Fiscal Year 2013 budget plan calling for record $3.8 trillion in spending for Fiscal Year 2013, projecting another $1.3 trillion budget deficit for 2012, and a budget path that never balances and increases the overall national debt to $25 Trillion in 2022.
"This is not a serious plan to make Washington live within its means," said Congressman Bill Posey (R-Rockledge). "Everyone knows that Washington needs a long term plan that controls spending and balances the budget. The President's proposal adds an average of $728 billion to the debt per year over each of the next 11 years. His budget never balances and it saddles future generations with less freedom, less opportunity and more debt."
By the end of this year, $5.7 trillion will have been added to the national debt since January 2009. Under the President's 10 year outlook, by the year 2022 the federal budget will have ballooned to$5.8 trillion annually. "I don't see how you can make up that kind of revenue during the best of times, yet today the labor force participation has shrunk to the lowest level in 30 years. The simple fact is that we need a lot more taxpayers and to do that we need a better economy so Americans can find work," added Posey.