U.S. Sen. John Cornyn, R-Texas, a member of the Senate Finance and Budget Committees, today issued the following statement regarding the White House's announcement of revised figures indicating the deficit for the current budget year will rise by $89 billion to above $1.8 trillion - nearly four times the record set just last year:
"Today's revelation that the Obama Administration is borrowing 50 cents for every dollar it spends and on track to quadruple last year's record deficit are sobering reminders of just how deep a financial hole they are digging. We were promised that the President's massive spending increases would be ‘timely, targeted and temporary.' That they would ‘stimulate' the economy and create up to 4 million jobs. But we have experienced none of those things. We have, however, tripled the national debt. When you find yourself in a hole, you should stop digging. Please put down the shovel, Mr. President, and move quickly to rein in spending to get our nation's economy and financial integrity back on track."