To make matters worse, our children will wake up in 2014 wondering where the money went when they get the bill for the federal deficit
and the unfunded gap in Social Security benefits.
7 trillion national debt or to save towards meeting Social Security obligations, the House bill would, according to a Senate GOP budget expert, increase the current operating federal deficit
by 58 percent and convert a projected annual federal budget surplus in the next decade into an annual deficit of $140 billion within a decade.
demand for foreign goods that resulted from higher federal deficits
and lower household saving.
We need to make some basic changes to reduce federal deficits
and make government more effective and accountable.
Gingrich said House Republicans will propose a budget which would eliminate the federal deficit
in seven years and act on it next month.
Despite severe cuts in aid to local governments during the decade, the federal deficit
These lower rates are a striking reminder that reducing federal deficits
will free up private savings, reduce the cost of credit to private borrowers, and encourage accumulation of capital that will help enhance growth in the future.
It is pathetic and embarrassing to watch an honorable man like Bob Dole, a man who has spent most of his congressional career warning about the dangers of runaway federal deficits
, contradicting himself with an election-year promise of tax cuts in order to prop up his campaign,'' Lamm said.
By not taking on federal entitlement spending--which, when combined with interest on the national debt--now consumes about two-thirds of the federal budget, the budget insures increasing federal deficits
before the end of the decade and further pressure to cut investments in education, safety, community development, and public infrastructure.
At the federal level, defense spending was on a clear downtrend, and the persistence of large federal deficits
argued against sizable new initiatives for nondefense spending.
The 216-211 vote averted an embarrassing public repudiation of GOP leaders by dissidents objecting to a temporary deficit increase before eliminating federal deficits
by 2002 in the budget plan.
While we all share deep concern about huge federal deficits
, we understand that changing the way we do business in this country is essential to our local economies.