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:

“The President’s string of broken promises on our nation’s fiscal challenges weighs heavy on an anemic economy. The President’s commitment to ever-higher government spending and his failure to deliver on his economic promises have resulted in the fourth-straight budget deficit in excess of one trillion dollars.

“The Administration’s lack of seriousness when it comes to responsibly prioritizing taxpayer dollars is unconscionable. In the face of continued economic pain and a debt crisis ahead, the President refuses to chart a new course. Instead of taking more from hardworking Americans and small businesses, policymakers must advance principled pro-growth solutions that spur job creation, lift the crushing burden of debt, and expand opportunity for generations to come.

“Today’s budget and economic news serve as another alarm bell that responsible leaders must heed. We can no longer afford a President and a U.S. Senate that refuse to get serious about tackling our generation’s defining challenge.”