Kent Conrad: “on this very first day of the first session of the 110th Congress, I am proud to introduce, with Majority Leader Reid…”

“on this very first day of the first session of the 110th Congress, I am proud to introduce, with Majority Leader Reid, the Restoring Fiscal Discipline Act of 2007. By including this act in our top 10 legislative priorities, Democrats are sending a message. We are saying to the Nation that it is time to restore fiscal discipline in Washington. Unfortunately, we are inheriting a fiscal mess. It is a fiscal mess of historic proportion. The head of the Government Accountability Office, General Walker, has told us: The U.S. Government is on an imprudent and unsustainable fiscal path. General Walker is right. General Walker is the head of the Government Accountability Office. He is the person responsible for reporting to Congress on our fiscal condition, and he is warning us of the serious course correction that is required. As General Walker has said, and as I agree, the fact is that our budget outlook is far worse than what has been claimed. The increase in debt in 2006 is far greater than the reported deficit. It is very interesting how the media reports these things to the American people. They say to the American people that the deficit last year was $248 billion. That is true. What they do not tell the American people, what is not said, is the debt last year increased by $546 billion--almost $300 billion more than the stated deficit. This is an utterly unsustainable course.…”