House Economic Leader calls Obama-Pelosi-Reid Deficits an American Tragedy
Texas Insider Report: WASHINGTON D.C. Its official. According to todays report by the U.S. Treasury the federal debt has exploded by more than $3.9 trillion in just the past three years under Democratic control of Congress. Federal debt held by the public has increased 79 to a staggering $9.02 trillion leaving Americans to shoulder the burden of a federal government that is now nearly a quarter of Americas economy.
This is an American tragedy said U.S. Congressman Kevin Brady (R-Texas) the top House Republican on the
Joint Economic Committee.
While Democrats are celebrating that this years deficit is only $1.3 trillion the American public is just sick about the overspending - and determined to elect a more responsible majority come November 2nd Brady said.
Massive deficits are the true legacy of President Obama and congressional Democrats to future generations notes Brady.
History will show these dangerous levels of deficits and debt as a crisis point in Americas stability and prosperity.
Reversing these deficits shrinking the size of
a bloated government and restoring an economy fueled by the free market rather than Washington is the key to Americas future said Brady.
Background
In FY 2010 federal spending was $3.455 trillion equal to 23.6 percent of GDP. Federal spending is 4.1 percentage points above the post-World War II average of federal spending of 19.5 percent of GDP.
