U.S. Senator Benjamin L. Cardin (D-MD), a member of the Senate Budget Committee, today released the following statement following a revised report by the Congressional Budget Office (CBO) that President Obama’s budget will result in a $1.8 trillion deficit this year and a $1.4 trillion deficit in 2010.
This revision represents an increase in CBO figures released in January that predicted a $1.2 trillion deficit for FY 2009 and a $703 billion deficit for FY2010.
“Today’s CBO figures are very disturbing.
President Obama inherited a crushing budget deficit and an economy on the verge of collapse with declining revenues.
It has not been easy to deal with our economic crisis, and I congratulate President Obama for his vision and leadership in proposing a budget that will change the direction of our country.
He has had the courage to tackle some very difficult issues, including the need for energy independence in a way that is environmentally sensitive, improving our schools and health care reform.
“I also commend President Obama for demanding transparency and accountability in the budget process.
It’s now time for Congress and the White House to work together in a fiscally responsible manner to put our nation’s fiscal house in order.
We must steer a path that will restore us to economic health, which includes restoring fiscal discipline, fixing our broken health care system, and eliminating our dependence on foreign energy.”