Senator Hutchison’s Statement on the White House’s New Federal Deficit Estimates

Runaway government spending leads to massive national debt…American taxpayers are paying for Democrats’ spending spree
WASHINGTON, DC - Today, U.S. Senator Kay Bailey Hutchison released the following statement after the White House’s Office of Management and Budget reported this morning that this year’s deficit will surpass $1.8 trillion:

 

“Democrats in Congress have pushed through the largest spending plan ever proposed, saddling us with more debt than under every President from George Washington to George W. Bush combined! This is outrageous, and it is therefore no shock that the Administration’s deficit estimates are now being revised. It is now estimated that the U.S. borrows nearly 50 cents for every dollar we spend. At this rate, will our lenders, too often other nations like China, continue to buy our debt, and what will happen to our economy if they don’t? Or if they do lend, at what interest rate?”