Guest post by Rep. Ed Royce (CA)
The Democrat Leadership’s 2010 budget calls for an unprecedented $3.5 trillion in spending and results in trillion dollar deficits for years. Except for World War II, these are the highest spending levels in U.S. history.
During a recent financial services hearing I questioned the Chairman of the Federal Reserve Ben Bernanke about massive government spending. He assured me that I was “right to be concerned about the debt and the deficits” and commented that, “Obviously, trillion dollar deficits as far as the eye can see would not be sustainable.”
The lack of sustainability in the Democrat Leadership’s budget is seriously concerning. The non-partisan Congressional Budget Office says, “Debt held by the public would rise, from 41 percent of GDP in 2008 to 57 percent in 2009 and then to 82 percent of GDP by 2019.”
Among the lengthy list of troubles this unchecked spending brings is the borrowing of hundreds of billions from China, the Middle East, and other nations that own our growing debt.
What does this mean for our children and grandchildren when the best our government has to offer is a $3 trillion dollar proposal on top of a trillion dollar deficit and a trillion dollar stimulus?
When Americans are tightening their belts, shouldn’t the federal government also? When is enough spending going to be enough?