Mar 20 2009
Wes Hickman (202) 224-5972 or Kevin Bishop (864) 250-1417
WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina), a member of the Senate Budget Committee, today made this statement on the Congressional Budget Office (CBO) analysis of President Obama’s budget proposal.
"The Obama Administration has embarked on a spending spree that will add tremendously to our long-term national debt. We began this presidency deep in debt and the budget course charted by the Obama Administration substantially adds to it. No amount of economic growth will be able to overcome the spending spree President Obama proposes.
"Economic and budgetary projections over a ten year period are always difficult. However, based upon the spending path we find ourselves on, it is not difficult to figure out where we will end up. The CBO report makes clear we are facing $1 trillion annual deficits as far as the eye can see. This is a staggering and unsustainable amount of debt to pass along.
"In its budget submission to Congress, the Obama Administration used optimistic economic projections. These projections were more politically than economically driven. The Obama Administration underestimated the unemployment problems our nation currently faces and overestimated how quickly the economy is likely to grow. The CBO analysis is more in line with reality.
"The American people want change but I fear President Obama’s budget proposes change our nation simply cannot afford."