Failed Economic and Fiscal Policies Lead to Another Trillion Dollar Deficit
WASHINGTON – On a late Friday afternoon, the Office of Management and Budget released its Fiscal Year 2013 Midsession Budget Review. The report projects that the federal government will run a budget deficit in excess of one trillion dollars for the fourth consecutive year. Consistent with an alarming track record of missed budget deadlines and a refusal to adhere to budget laws, the Administration has not once met its legal obligation to provide this update by July 15 in the past four years. Today’s report of a $1.2 trillion budget deficit comes on the same day the U.S. Commerce Department reported sluggish economic growth. Today also marks the 1,185th day since the Democrat-controlled U.S. Senate last passed a budget resolution.
In response to the Administration’s Midsession Review, House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement: