On the recordJune 15, 2010
It's now official. We're now a full 2 months behind the congressional deadline with no budget resolution in sight. In the past, this would be just another failure by the majority to meet a technical responsibility. But this year is different. This administration's enormous government spending increases have driven our annual budget shortfall to $1.4 trillion. That's the deficit. We're spending $1.4 trillion more than we're bringing in. The accumulation of all our past budget deficits, the national debt, last month rocketed past $13 trillion, and media reports last week predicted that it would balloon over $15 trillion by 2015. And how do we finance this debt? When American families and businesses find themselves short of cash, they cut their spending. When the Federal Government finds itself with a record deficit, we borrow money. From whom? The Chinese, the Japanese, from the Saudis, and we pay interest on that debt, hundreds of billions of dollars each year. We can do better. We must do better. We must have a budget resolution. We must cut spending.
