PRESS RELEASE Smith PASen: TOM SMITH REACTS TO RECORD BREAKING DEFICIT MONTH
For Immediate Release
March 9, 2012
TOM SMITH REACTS TO RECORD BREAKING DEFICIT MONTH
(Pittsburgh) - Tom Smith, Republican candidate for U.S. Senate, today released the following statement after reports that the federal government’s $229 billion February deficit was the largest in history:
“Our government, like our families and businesses cannot sustain this record breaking deficit and debt,” said Smith. “Borrowing forty-two cents on every dollar spent, this reckless custody of taxpayer resources continues to mortgage our children’s future. We must change course from the Obama-Casey spending agenda if we are to preserve the American Dream.”
“Nearly thirteen million unemployed Americans deserve a government that will live within its means, trim the waste, fraud and abuse – and allow the free-market to create jobs,” Smith added.
BACKGROUND:
“The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.” (“Govt. sets record deficit in February,” Washington Times, 3/9/12)
“CBO estimates that the deficit for February 2012 was $229 billion, about $6 billion more than the deficit for the same month a year earlier.” (Congressional Budget Office, Monthly Budget Review, 3/7/12)
In the first half of the fiscal year, the federal government has borrowed $0.42 of every dollar spent. “the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.” (“Govt. sets record deficit in February,” Washington Times, 3/9/12)
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