Bill Posey: “we have before us the largest spending bill in the history of the Congress. The price tag on this bill is $800…”

“we have before us the largest spending bill in the history of the Congress. The price tag on this bill is $800 billion--over $1.1 trillion when you add in the interest needed to fund it. Sadly, this 1200-page bill was completed just a few hours ago in the darkness of night. No one knows what is in the bill. No one has read it. This bill is being rushed to the House floor and to the President before Members of Congress or the American people have an opportunity to even know what is in it. Just how much is this bill going to cost? How much is a trillion dollars? One way to look at it is that it amounts to deficit spending of over $7,000 for every family in America. Looked at another way, this is enough money to pay for four years of college tuition to a private college for every senior graduating from high school this year and next and still have nearly $150 billion left over. The non-partisan Congressional Budget Office (CBO) projected a few weeks ago that the federal government will have a $1.2 trillion deficit this year. This amounts to 8.3 percent of the Gross Domestic Product (GDP), which is far higher than the previous record of 5.9 percent set in 1934 at the height of the Great Depression. In 2009, one out of every three dollars that the federal government will spend will be borrowed and our grandchildren will be stuck with the bill.”