Federal Deficit Explodes To $9 Trillion; Buchanan Balanced Budget Amendment Needed
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FOR IMMEDIATE RELEASE AUGUST 25, 2009
CONTACT: MAX GOODMAN 202.225.5015
DEFICIT ESTIMATE EXPLODES TO $9 TRILLION –LARGEST IN HISTORY
BUCHANAN SAYS BALANCED BUDGET AMENDMENT NEEDED NOW MORE THAN EVER Washington D.C. - Rep. Vern Buchanan (FL-13) said today new projections showing the federal deficit exploding to $9 trillion -- up from $7 trillion -- underscores the need for Congress to ratify a constitutional amendment to require a balanced budget. “It is outrageous and unacceptable that the American people are being told to expect $9 trillion in deficits over the next 10 years,” said Buchanan. "Congress has been unable to stop its reckless, irresponsible spending. As a result our nation is on a path to financial disaster," Buchanan said. "It will be our children and grandchildren who pay the price for Washington's inability to rein in spending." Buchanan opposed the $1 trillion spending bill masquerading as a "stimulus plan" earlier this year. The Congressman also voted against Speaker Nancy Pelosi's bloated federal budget plan and a proposed national energy tax. "We cannot spend our way to prosperity,” said the Congressman. “To secure our economic future the President and Congress need to make the tough choices necessary to balance the budget without raising taxes,” added Buchanan. “Anything less would likely worsen the economic downturn, making it more difficult for families to make ends meet.” “The first bill I introduced in Congress would require a balanced federal budget by 2012,” said Buchanan. “If 49 states can do it, so can the federal government.” Buchanan's bill would require a 3/5 vote for any increases in the debt, that the President submit a balanced budget to Congress, and that any legislation to increase revenue must be passed by a true majority of each chamber – not just a majority of those present and voting. Buchanan also said he would vote against raising the national debt limit when it is brought before Congress for a vote in the fall. ###
CONTACT: MAX GOODMAN 202.225.5015
DEFICIT ESTIMATE EXPLODES TO $9 TRILLION –LARGEST IN HISTORY
BUCHANAN SAYS BALANCED BUDGET AMENDMENT NEEDED NOW MORE THAN EVER Washington D.C. - Rep. Vern Buchanan (FL-13) said today new projections showing the federal deficit exploding to $9 trillion -- up from $7 trillion -- underscores the need for Congress to ratify a constitutional amendment to require a balanced budget. “It is outrageous and unacceptable that the American people are being told to expect $9 trillion in deficits over the next 10 years,” said Buchanan. "Congress has been unable to stop its reckless, irresponsible spending. As a result our nation is on a path to financial disaster," Buchanan said. "It will be our children and grandchildren who pay the price for Washington's inability to rein in spending." Buchanan opposed the $1 trillion spending bill masquerading as a "stimulus plan" earlier this year. The Congressman also voted against Speaker Nancy Pelosi's bloated federal budget plan and a proposed national energy tax. "We cannot spend our way to prosperity,” said the Congressman. “To secure our economic future the President and Congress need to make the tough choices necessary to balance the budget without raising taxes,” added Buchanan. “Anything less would likely worsen the economic downturn, making it more difficult for families to make ends meet.” “The first bill I introduced in Congress would require a balanced federal budget by 2012,” said Buchanan. “If 49 states can do it, so can the federal government.” Buchanan's bill would require a 3/5 vote for any increases in the debt, that the President submit a balanced budget to Congress, and that any legislation to increase revenue must be passed by a true majority of each chamber – not just a majority of those present and voting. Buchanan also said he would vote against raising the national debt limit when it is brought before Congress for a vote in the fall. ###
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