WASHINGTON, DC -- U.S. Representative John L. Mica (R-7th District) expressed concern regarding the $3.5 trillion federal budget passed by the U.S. House today.
“The size of the deficit in this budget, some $1.7 TRILLION for one year, is almost beyond comprehension,” said Mica.  “This could be a prescription for future debt disaster for our nation’s finances.  Even the United States can go bankrupt if we continue spending at this rate.”
In the first 100 days of the new administration, Congress and the administration have run up more debt than the entire 8 years of the Bush Administration.  The spending in the first three months includes a $787 billion so-called stimulus, a $406 billion Omnibus bill which increases discretionary spending by 10% this year, and hundreds of billions in TARP dollars.
Congressman Mica concluded, “Not only does the 2010 budget represent astronomical deficit spending, it also raises taxes by $1.5 trillion (that’s TRILLION) dollars.  At some point soon this deficit spending, taxation and increased national indebtedness will have dramatic and negative consequences for our nation.”