The following is from an 8/20 email update from NC Senator Richard Burr.
Yesterday, the Congressional Budget Office (CBO) released its mid-year budget outlook, which contained more disappointing news about our country’s fiscal situation. According to the CBO, the federal budget deficit – the annual difference between what the federal government collects in tax revenue and what it spends -- will be $1,300,000,000,000 (or $1.3 trillion) for this fiscal year alone. For Fiscal Year 2011, the deficit will be nearly $1.1 trillion -- $71 billion more than CBO projected in March. Even more disturbing, CBO estimates that the cost of legislation that Congress has enacted since March – in just five short months – will increase federal spending by $400 billion over the next decade. This report just proves what we already knew – that Congress is spending our country into unsustainable debt that will burden our children, grandchildren, and future Americans for generations to come. I will continue to promote and vote for sound, fiscally responsible legislation to stop out-of-control spending and get our economy back on track.
Senator Burr is exactly right and I appreciate his candor with us. While there have been many things to keep our elected officials busy, what is preventing them from doing something about our economy? Raising taxes and raising government spending is not the answer! As Senator Burr states, we need to reign in spending and get our economy back on track.