LANGHORNE, PA - Congressman Mike Fitzpatrick (PA-08) raised awareness of today’s non-partisan Congressional Budget Office announcement estimating a $1.1 trillion deficit for Fiscal Year 2012 for the Federal Government.
"Today's estimates from the non-partisan CBO confirm what we had suspected with the close of the 2012 fiscal year,” said Fitzpatrick, “The last four years of trillion-dollar deficits continue to lead our country down the path to the type of fiscal instability we are witnessing in Europe.”
“The non-partisan Congressional Budget Office officially projects a $1.1 trillion deficit for Fiscal Year 2012,” continued Fitzpatrick, “In FY 2012, the federal government borrowed 31 cents for every dollar it spent. This level of deficit spending is irresponsible and unsustainable.“
The Congressional Budget Office released their official estimates as part of their final monthly budget review of FY 2012. The CBO estimates also highlighted that Social Security payments increased by $42 billion (or 6 percent). Furthermore, Medicare’s net spending was up by $15 billion (or 3 percent) after adjusting for timing shifts. Additionally, the 2012 deficit was equal to 7.0 percent of gross domestic product.
“Relative to our economy, federal deficits since 2009 have reached levels not seen since 1947 as we ramped down the military effort which won the Second World War,” continued Fitzpatrick,
“Trillion-dollar deficits and mounting debt are, at least in part, a result of a federal government which has been operating without a budget for over 1,200 days.”
“Misguided policies, such as the $713 billion raid on Medicare, only makes the situation more troubling,” said Fitzpatrick, “I will continue to protect Medicare and Social Security from cuts due to the unsustainable spending.”
“The House has done its part and passed two budget proposals which begin to restore fiscal responsibility to the federal government,” said Fitzpatrick, “Furthermore, I have supported a balanced budget amendment to the United States Constitution, co-sponsored the “No Budget, No Pay” bill to hold legislators accountable, and helped to pass over 30 bills focused on creating jobs to put people back to work.”
“In addition, I have supported three bills which I believe can help reform the budget process so that our country never finds itself in this financial situation once again,” continued Fitzpatrick, “H.R. 3578 removes the ‘pro-spending’ bias in the budget process, H.R. 3582 requires all major pieces of legislation to be evaluated for their potential impact on the economy, and H.R. 3581 which puts into place a system to measure the true cost of Federal borrowing just like in the private sector.”
“I urge the Senate and President Obama to join me as I work to relieve Bucks County families and small businesses of the burden of government debt and deficits," closed Fitzpatrick.