Published: 01-08-09
Largest deficit since World War II expected this year
WASHINGTON—U.S. Sen. John Cornyn R-Texas made the following statement regarding today’s projection by the Congressional Budget Office that the federal budget deficit will reach a record $1.2 trillion for fiscal year 2009.
“Today’s forecast of the federal deficit reaching $1.2 trillion this year by the Congressional Budget Office is deeply concerning especially since it does not include President-elect Obama’s spending proposal that may total more than $1 trillion.
Congress cannot keep writing checks and simply pass IOUs to our children and grandchildren. Our current trajectory is unsustainable and the economic challenges are too great for business-as-usual to continue in Washington. My hope is that we will work together to lessen the tax burden on families and small businesses and tighten the government’s belt.”
