Olson Statement on $9 Trillion Deficit Prediction
Rep. Pete Olson today issued the following statement in response to an Office of Management and Budget mid-session review of the federal deficit. Predictions conclude that the U.S. national debt will nearly double over the next 10 years:
â€œThe OMBâ€™s â€œMid-Session Reviewâ€ projecting the deficit at $9 trillion, a full $2 trillion over their previous projection, is the latest example of how the economic policies of this Administration are not working.
â€œLetâ€™s keep in mind that this mind numbing estimate does not include the costly bills President Obama is pushing on the so called â€œcap-and-tradeâ€ energy plan and health care legislation that - if passed - would add another whopping $821 billion over 10 years for a government dictated energy plan, and $1.6 trillion over 10 years for a government run health plan â€“ that comes to $2.421 trillion over 10 years on these two programs alone.
â€œThe promise made by President Obama to cut the deficit next year rings hollow when his sweeping legislative priorities this year only up the price tag on the legacy of debt we are leaving our children and grandchildren. I cannot and will not be party to this fiscal disarray. We must restore sanity to the federal spending process and put a tight leash on our purse strings.
â€œWe have many opportunities to reform health care and provide energy solutions for this nation that increase our energy supply jobs and provide better health care without writing checks that future generations will be unable to cash.â€