Congressman John Campbell's Blog - Green Eyeshade Blog

Tuesday, September 09, 2008

Posted by: John Campbell at 11:52 AM

Today, the Congressional Budget Office released its latest figures on the deficit, and they aren’t good. According to the report the federal government will run a deficit of $407 billion for the budget year that ends on Sept. 30.

Furthermore, CBO expects that if current policies remain in place the budget deficits will remain over $400 billion for the next two years. The CBO figures reflect a tremendous jump from $161 billion in 2007. If the CBO projection is right, numbers would balloon to about 3% over the next two years.

CBO also estimates that during 2008 federal spending will be 8.3% higher than in 2007, meanwhile revenues will be likely be less than they were in 2007.

Based on these numbers, at least this much is true; the next Congress and President must take a serious look at the spending addiction that permeates the Halls of Congress and the Presidency.

This recklessness must stop.

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Screwtape writes:	Tuesday, September, 09, 2008 11:50 AM
% of GDP
While I certainly agree that we need to rein in spending I would like to know what percentage of the GDP will the increased deficit be?
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Pat writes:	Tuesday, September, 09, 2008 12:47 PM
Hazel
"He and Palin are in total lockstep with the failures Bush has waged on our economy and the dismal deficit. Their idea of change has nothing to do with breaking from the Bush administrations failures - and in fact, the choice of Palin proves that as she is even MORE a bushie than McCain's 90-100% voting record with the Bush administration." Guess what Hazel, the Bush administration had the deficit at $161 billion. I do not know if you actually understand how the government works, but the only group of people that can actually appropriate money is congress. Guess who has been in charge for the last two years in congress . . . you got it! The DEMOCRATS. Some bills that are passed in congress are actually necessary and address one issue, and must be signed. But what the dems have been doing is inserting things in those bills -- PORK BARREL SPENDING -- they know will get passed because the President has to sign the bill due to the urgency of main issue. It is the dems spending the money at this time and they need to be stopped. Now the GOP congressmen/women haven't been very good in the past, but they haven't been in control of congress for almost two years. BET YOU DIDN'T KNOW THAT! Nancy Pelosi has it set up at this time where, more often than not, the republicans cannot bring up any ideas, etc.; just take a look at the drilling issue.
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Pat writes:	Tuesday, September, 09, 2008 12:54 PM
Question for John Campbell
Congressman Campbell, What bills were signed that took the deficit from $161 billion in 2007 to over $400 billion? The war? The mortgage bailout? The rebates? What else is there? Could it also be the banking crisis in general slowing down the amount of dollars coming into the federal government? Thanks, Congressman Campbell. By the way, I listen to you every Friday on Hugh Hewitt's show; you are great. Although I am from Arizona, I am glad you are working for us Americans in the House of Representatives. Pat
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kgurian writes:	Tuesday, September, 09, 2008 12:58 PM
Stimulus
It's pretty easy to see where a large chunk of the increase came from. When you give some 180 billion dollars of unbudgeted money away it has to show up somewhere.
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gettingoldernwiser writes:	Tuesday, September, 09, 2008 11:05 PM
PASS THE MYLANTA
The entire congress needs a regular vetting or enema, take your pick. I'd like public access to members of congress personal financials and locations, if foreign, of their wealth. Let's see which one's are evading taxes.
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mr_sparky writes:	Wednesday, September, 10, 2008 7:47 PM
hmmmm, gettinggoldernwiser
Ha it would be interesting if we can see the books of every member of Congress. I bet so many of them would be out of the country so quick and move to some country where they would hide with all the money they could take with them to live. Like down to the Bahamas. someplace like that and they would then say> "what i was a good guy", jerks. Hey did you see where Congressman Rangel has been caught with his hands in the cookie jar and is going to owe back taxes? And here he is on the house ways and means comm. just goes to show me that they are all talk and under the table they will do all they can to escape taxes.
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About John Campbell

John Campbell is a member of the House Financial Services Committee, and has taken a leadership role in addressing the country's top economic issues. Campbell serves as a member of the Joint Economic Committee, and House Committee on the Budget. He has a Bachelor's Degree in Economics from UCLA and a Master's Degree in Taxation from USC.