As Deficit Soars to Record $1.3 Trillion, Dems Push Health Care Plan That Adds Even More Red Ink, Costs Even More Jobs | Republican Leader John Boehner

As Deficit Soars to Record $1.3 Trillion, Dems Push Health Care Plan That Adds Even More Red Ink, Costs Even More Jobs | Republican Leader John Boehner

Boehner: "Trillions More in Washington Spending Will Not End a Recession; It Only Puts Future Generations Under a Mountain of Unsustainable Debt."

Washington, Aug 7 - The Congressional Budget Office (CBO) reports that the federal budget deficit has reached a once-unthinkable $1.3 trillion, thanks to the Democrats’ spending binge that has even made some in Washington blush, and it’s going to go even higher. While the Administration attempts to rewrite history on its trillion-dollar “stimulus” spending bill, the fact is that it has not provided a “jolt” to our economy. It has not created jobs immediately. And it certainly has not held unemployment below eight percent, as the Administration promised it would earlier this year. Instead, it has only added more red ink that ultimately will be inherited by our children and grandchildren. Dow Jones reports on the CBO news and how its forecast shows the deficit could reach $1.8 trillion this year:

“In its monthly assessment of the state of the federal government’s fiscal picture, the CBO said the deficit is now running $880 billion higher than the comparable period in fiscal 2008.” “The CBO has forecast the deficit will reach $1.8 trillion for the complete fiscal year. The federal government's fiscal year ends Sept. 30.”

With today’s jobs report confirming that more than two million Americans have lost their jobs since the “stimulus” became law, Americans are asking “where are the jobs?” And as House Republican Leader John Boehner noted this morning, they’re also wondering where their tax dollars are going:

“While the hard work and ingenuity of the American people will ultimately bring our economy back, the trillion-dollar ‘stimulus’ has fallen woefully short of creating the jobs the Administration promised… Trillions more in Washington spending will not end a recession; it only puts future generations under a mountain of unsustainable debt.”

Washington Democrats are poised to add even more to the deficit through their government-run health care experiment. CBO estimates that the Democrats’ government takeover of health care will add $239 billion to the deficit over the next 10 years, with even larger deficits in the years that follow. And on the jobs front, the news is no better. According to a model developed by Dr. Christina Romer, the chair of the White House Council of Economic Advisors, the Democrats’ health care plan will destroy as many as 5.5 million American jobs over the next 10 years.

Families and small businesses across America are hurting during this recession, but the Democrats running Washington have only made matters worse by pursuing a job-killing agenda that will make it harder than ever for small businesses to succeed. And the price tag of this agenda is burying future generations under deeper and deeper debt from which they will find it nearly impossible to emerge. When are Democratic leaders in Congress and the Administration going to stop moving the goalposts on their “stimulus” promises and start working with Republicans on real reforms to help small businesses create jobs, curb the debt, and expand Americans’ access to affordable health care?