In the past 15 months, the Administration, with Congress’ approval, is incurring more than $5 trillion in additional debt.  That is two years of budget deficits (last year $1.4 trillion and this year $1.5 trillion) plus more than a trillion dollars in bailouts and new spending programs.

Having helped balance our Federal budget from 1998 to 2001, I know that it can be done.  That is why my votes have not supported bailouts or deficit spending increases.  If spending is not controlled, I am greatly concerned that not only will inflation hurt Americans, but both the value of our currency and our nation’s credit rating will also suffer.

Budget Notes:

* Through the first seven months of the current fiscal year, the federal government amassed $800 billion in deficit spending, and the annual deficit is on track to approach last year’s record of $1.4 trillion.

* CBO projects the President’s budget plan will increase the public debt to $20.3 trillion by 2020.

* China has just bought $17.7 billion of U.S. debt, bringing its total holdings to $895 billion.

* With federal spending spiraling out of control, House Democrats have failed to even propose a 2011 budget.

* The House has passed an annual budget resolution every year since the current budget rules were put into place in 1974.