October 15, 2010

Crapo: Bottom Line is Deficit of $1.29 Trillion

Says federal spending trends must be reversed

Idaho Falls - For the second straight year, the record deficits being rung up by the federal government will top $1 trillion, and Idaho Senator Mike Crapo says that trend must be reversed-and soon. The U.S. Treasury Department's Fiscal Year 2010 year-end report released today shows that the federal deficit hit $1.29 trillion. Last fiscal year, the federal deficit hit an all-time high of $1.4 trillion. Back-to-back trillion dollar deficits have pushed the national debt to more than $13.5 trillion.

"When the current Congressional leadership took control over the power of the purse in 2007, our annual deficit was $161 billion, and on a path toward balance," Crapo said today during visits in Eastern Idaho. "Today's news shows a radical departure from that path, with our national posting a deficit of more than $1 trillion for the second consecutive year. The Congressional Budget Office projects these annual trillion dollar deficits to continue through the next decade, based on its analysis of the President's budget.

"This is simply unacceptable and unsustainable," Crapo added. "The bottom line is: Congress cannot continue to spend nearly two dollars for every dollar it takes from the American people in taxes. The American people are beginning to understandably question whether the American Dream will still be possible for their children and grandchildren. It is the responsibility of this government to ensure that future generations are not deterred from pursuing that dream by barriers created by this government's refusal to be disciplined in its spending."