10.12.12

Sessions Comments On Treasury’s FY 2012 Year-End Report

“The report confirms that the United States has experienced its fourth straight deficit in excess of a trillion dollars… Disturbingly, the report from Secretary Geithner also repeats the fraudulent claim that the President’s February budget achieves $4 trillion in deficit reduction. But, according to the President’s own budget tables, his plan would increase debt nearly $11 trillion… Surely the Treasury Secretary knows these facts. Yet instead of telling the truth he misleads the country on the greatest challenge we face.”

WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today as the Treasury Department officially confirmed that FY 2012 was the fourth straight year that the United States registered a deficit of more than $1 trillion:

“The report confirms that the United States has experienced its fourth straight deficit in excess of a trillion dollars. Instead of reviving the economy, the deluge in federal spending has weakened growth while speeding the nation towards a debt crisis. In 2010, the White House predicted that economic growth this year would be 4.6 percent. Instead, it stands at 1.6 percent. Federal debt per household has climbed 35 percent since 2009 while median household income has declined 8 percent. This road leads the way of Greece.

Disturbingly, the report from Secretary Geithner also repeats the fraudulent claim that the President’s February budget achieves $4 trillion in deficit reduction. But, according to the President’s own budget tables, his plan would increase debt nearly $11 trillion above where it stood at the end of 2011. Those tables also show a $1.8 trillion tax hike—more than the double the size of what the White House publicly suggests—which is used not to reduce the deficit but to fuel a massive $1.4 trillion spending increase above current growth projections. Overall spending increases 58 percent over the next 10 years. Surely the Treasury Secretary knows these facts. Yet instead of telling the truth he misleads the country on the greatest challenge we face.

At this point in history, the biggest obstacle we face to preventing a debt crisis is an administration that won’t be honest about its plan and a Democrat Senate that refuses to even write a plan at all.”

NOTE: To view Treasury’s report, please click here. To view an explanation of how the President’s budget increases spending, taxes, and debt, please click here.