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White House acknowledges national debt will more than double over next ten years
Contact: Brian Hart or Becky Ogilvie, Sam Brownback, United States Senator - Kansas, 202-224-6521
WASHINGTON, Aug. 26 /Standard Newswire/ -- U.S. Senator Sam Brownback today criticized the latest White House budget deficit projections which now estimate the nation's publicly held debt will increase by more than $9 trillion over the next ten years.
"I do not agree with this exorbitant deficit spending; we need to control spending, reduce the debt, and balance the budget," Brownback said. "The sheer scope of the amounts of money we are discussing is shocking. The Administration's latest budget projections should cause every American deep concern. It's deeply troubling that five months ago the Obama Administration predicted a staggering $7 trillion deficit over ten years and now just 5 short months later this number has gone up by $2 trillion."
The Administration released a revised budget projection during the usual annual review. The White House acknowledged that earlier projections were assuming an overly optimistic economic growth. The White House projections are now more in line with other already released estimates.
Brownback continued, "If the Administration stays this course, the gross federal debt will more than double to $24.5 trillion, more than 107% of the projected size of the economy. Particularly troubling is that these deficits will come with income taxes rising to one of the highest levels on record as a percentage of GDP."
