On Tuesday, the Congressional Budget Office estimated that the deficit stands at $975 billion, guaranteeing the deficit for fiscal year 2012 will exceed $1 trillion as it comes to a close at the end of September. This means that the deficit will have totaled more than $1 trillion each year under the current administration, more than twice the size it was in 2008 at $459 billion. Although we, in the House, fought tooth and nail to cut spending last year, Senate Democrats and President Obama were unwilling to compromise and 2012 spending levels are virtually the same as they were in 2011.
The Federal Government has spent an extra $500 billion every year since 2008, and what do we have to show for this deficit spending? According to the Ways and Means Committee, since January 2009, the number of full-time employees has fallen by 1.5 million. During the current administration, the number of people no longer counted in the labor force has grown by 7.8 million, and with total employment only growing by 33,000, new workforce dropouts have outnumbered new employees by 237 to 1.
Unemployment has now been above 8 percent for 42 consecutive months, the longest time period since the Great Depression. Clearly, spending more money is not solving our problems; consequently, it continues to exacerbate the debt and hold down economic growth that could be driving job creation. It is my hope that Washington will finally wake up and put an end to this out-of-control spending spree, get our fiscal house in order, and finish the work started by the House of Representatives, which will create an environment for economic growth. You can read about the House Republican Plan for America's Job Creators on my website.