Washington D.C. � Congresswoman Donna F. Edwards (D-MD) issued the following statement today regarding the estimates released by the Congressional Budget Office that the federal deficit could reach $407 billion this year and a record high of $438 billion next year. Those numbers could grow even further with the government�s recent takeover of Fannie Mae and Freddie Mac.

"Before President Bush took office in 2001, our country had enjoyed four consecutive years of budget surpluses. Since then, the failed policies of the Bush Administration have replaced that surplus with record deficits. A significant portion of the ever growing national debt can be attributed to two factors. The cost of the wars rising to $900 billion dollars and the wealthiest of Americans receiving tax breaks of almost $2 trillion dollars. This fiscally irresponsible combination has weakened our economy and saddled our country with debt for years to come.

"In the face of these economic challenges, the 110th Congress has taken aggressive steps to strengthen the economy. We have increased the federal minimum wage for the first time in 10 years, extended unemployment benefits, and prevented 400,000 families from losing their homes by injecting funds and providing neighborhood stabilization. We have made a conscientious, focused effort to tie our government�s policies to the values of working families and, as we move forward, we must continue to do so if we are to lead our country through these tough economic times."