July 23rd, 2010, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement in response to the White House’s projection of a $1.47 trillion budget deficit for 2010:
“The announced $1.47 trillion deficit by the Obama Administration is just the latest insult to American taxpayers, who during these stressful economic times are scaling back their family budgets but watch helplessly as government dramatically expands without paying for it. That money will have to borrowed through Treasury auctions, and what cannot be borrowed will simply be printed by the Federal Reserve, which already holds $777 billion in U.S. treasuries.
“In the process, the government is chaining the American people, and future generations, to a mountain of debt that cannot possibly be paid back, and strangling any hope of growth or economic recovery. The spending splurge is destroying hope of Americans who don’t want more unemployment insurance, but instead want a job.”