For the first time in the history of our great nation, the deficit has reached $1 trillion. Experts predict that federal spending could very well exceed revenues by almost $2 trillion by this fall.
There is no question that the deficit has increased dramatically, in large part because of the so-called stimulus package of almost $800 billion. Congress hastily enacted the bill in February without any thought or strategic planning. I opposed the bill because it exploded our national debt without providing any meaningful economic growth. Since the bill was signed into law, we have lost two million jobs and unemployment has reached a 26 year high of 9.5 percent.
American families have always known a basic economic fact that politicians in Washington, DC just can't seem to understand - you can't spend more money than you have!! Not a difficult concept, is it? I certainly learned the concept as a businessman and in raising my family. Most Americans live by that very basic rule. But they just don't get it. Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget recently said, "Most anybody who's being honest knows we've reached a point where we've got a very dangerous fiscal situation, and it won't fix itself." Too bad Washington hasn't been listening.
I will continue to oppose the reckless spending of official Washington at every opportunity. I have said many times, I am a businessman, not a politician. I have created jobs, met payrolls and balanced budgets. I know what makes a strong economy and just as importantly I know what will harm our economy -higher taxes, more overly burdensome regulations, and ballooning deficits are not the answer. You and I know that the last thing we need in these difficult economic times is an out of touch Congress and President who increase taxes and spend your hard-earned dollars in a reckless manner.
Federal revenues are down 17.9 percent from a year ago. And yet government spending is at an historic high. The American people understand the need to cut personal spending and live within their means. What will it take for Washington to follow the lead of the people who put them all in office?
