Washington, D.C. - U.S. Rep. Brian Baird issued the following statement regarding the latest budget forecast by the Congressional Budget Office (CBO):

“These figures are deeply troublesome and irresponsible,” said Rep. Baird.  “This administration’s budgetary deficits  will be passed on to our children, leaving them to pay for our decisions.  This isn’t right.  We need responsible fiscal policy that meets our nation’s needs with the resources available.” 

“Every year before Congress finalizes the budget for the fiscal year, the CBO releases its forecast and this year’s $477 billion deficit is particularly disturbing,” noted Rep. Baird.  “This figure is just the tip of the iceberg, failing to account for the $154 billion the administration will borrow from Social Security, resulting in a total deficit of $631 billion.  Just a few years ago, the House promised to protect Social Security funds in a ‘lock box’, and that box has been broken wide open by irresponsible fiscal planning and increased spending.  Over the next ten years, CBO predicts we will borrow $2.4 trillion from Social Security to mask the size of our deficits.  This is unacceptable.” 

“This administration needs to be honest and responsible when it spends the taxpayers’ money, not pass the burden on to future generations,” stressed Rep. Baird. “As a member of the House Budget Committee, I will continue to ask administration officials what the full cost of proposals will be, how we will pay for them and what sacrifices, if any must be made to do so.”

* CBO Director Douglas Holtz-Eakin’s January 27, 2004 testimony before the House Committee on the Budget is attached.  Page 4 of the PDF document denotes the projected deficits for FY 2004 and the next ten years.

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