Sean Patrick Maloney: “today the administration is telling us that the Federal budget deficit for this year will not be as large as they were…”

“today the administration is telling us that the Federal budget deficit for this year will not be as large as they were predicting it would be back in January. Some are taking this as evidence of some type of supply-side miracle, but nothing could be further from the truth. As analysts at Goldman Sachs have pointed out today, this year's large increase in tax receipts stems from temporary factors that are unlikely to be repeated, and some short-term improvement does not change the big picture. The Bush administration has given us a record: the largest national debt in history, over $7 trillion; and they have raised the ceiling, the debt ceiling three times. This breaks down to each citizen's share being over $26,000. And they still have a record trade deficit, another record: the largest in history. The administration may have another excuse to ignore the long-term structural budget problems of this Nation, but the American people deserve to know the truth: $7 trillion, a debt that our children will have to pay. ____________________”