RNC Women

A new report from the Congressional Budget Office shows that the national debt is now at its highest level as a percentage of the economy than at any time since the end of World War II.  The report comes as the CBO for the first time takes into account the spending enacted through ObamaCare in its debt projections. 

According to the CBO’s budget projections, the federal debt will represent 62% of the nation's economy by the end of this year, the highest percentage since just after World War II.  At the end of 2008, the federal debt equaled 40% of the nation’s total GDP.  The chief culprit in this skyrocketing debt is federal spending.  Under the current spending policies pushed by the Pelosi Democrats, the national debt will grow to 79% of the nation’s GDP over the next 25 years. 

This unsustainable growth in federal spending threatens to cripple job growth and hobble our economy for years to come.  To pay for all of this spending, the Pelosi Democrats have already enacted more than $670 billion in new tax hikes and threaten even more.  Increased taxes will pull even more money out of the economy and make it difficult for small businesses to add jobs and almost impossible for individuals to save or invest in the economy. 

We’ve gotten a stimulus package that has failed to boost jobs growth, a Wall Street bailout that did little for small businesses and a health care takeover that carries with it higher taxes but lowers the quality of care.  Now, Democrats are laying plans for a new stimulus bill based on the same failed principles of their earlier efforts and completing work on new regulations on the financial sector that will make it even more difficult for small businesses to get financing. 

The Democrats and Nancy Pelosi had their chance to lead our country out of this recession but failed the American people.  That’s why the voters are poised to elect a Republican majority to Congress that will cut spending, enact common sense tax relief and get our economy moving again.  The skyrocketing debt, like the Democrat majority in Congress, is unsustainable and must be brought to an end if we want to get our economy moving again.