[Congressional Record (Bound Edition), Volume 155 (2009), Part 18]
[Extensions of Remarks]
[Page 24532]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       THE FEDERAL BUDGET DEFICIT

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                           HON. LEONARD LANCE

                             of new jersey

                    in the house of representatives

                       Thursday, October 8, 2009

  Mr. LANCE. Madam Speaker, the Federal budget deficit tripled to a 
record $1.4 trillion for the 2009 fiscal year that ended last week, 
congressional analysts announced late yesterday.
  According to the Congressional Budget Office this year's budget 
deficit is a level not witnessed since World War Two.
  The deficit amounted to almost 10 percent of the nation's economy, 
triple the size of the shortfall for 2008.
  While tax revenue fell by $420 billion, or 17 percent, to the lowest 
level in more than 50 years, Federal spending rose by 18 percent.
  Despite this sobering economic report, the White House and its allies 
in Congress continue to press ahead with health care overhaul 
legislation that could cost at least $900 billion over the next decade.
  How many alarm bells must be set off before Washington gets serious 
about tackling our ever-growing budget deficits?

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