DNC: The Bush Economy Continues With New Record Deficits
Washington, DC - President Bush's fiscal irresponsibility continues unabated as the latest Treasury Department report shows that the "federal government started out its new budget year with a slightly higher deficit than last year as revenues and spending for October both set records." The "deficit for October totaled $49.3 billion, up 4.3 percent from" last year. The department also reported that "the deficit for the current 2007 budget year is expected to resume rising." So far, President Bush has "presided over the three largest deficits in U.S. history in dollar terms." [AP, 11/14/06]
"The Bush economy continues to create massive deficits and continues to fail the vast majority of the American people," said Democratic National Committee Press Secretary Stacie Paxton. "Democrats will provide a new direction for America that includes raising the minimum wage, reinstating pay-go policies and reigning in Republican deficit spending. Democrats will also make middle class tax fairness a real priority. The American people have entrusted Democrats to focus on common sense policies that put an end to Republican fiscal irresponsibility and puts our economy to work for all Americans."
The Bush Record: Record Surpluses To Record Deficits. Republicans have turned President Clinton's projected 10-year $5.6 trillion surplus into a nearly $3 trillion deficit. When this Administration took office, it inherited a projected ten-year surplus (2002-2011) of $5.6 trillion. Based on a realistic estimate of the President's policies, that surplus has now become a $3.3 trillion deficit over the same period of time, a dramatic fiscal reversal of $8.9 trillion. [House Budget Committee, 2/06]