[Congressional Record (Bound Edition), Volume 155 (2009), Part 7]
[Senate]
[Pages 8538-8539]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    THE PRESIDENT'S PROPOSED BUDGET

  Mr. CHAMBLISS. Mr. President, I rise today to speak about the 
President's proposed budget.
  A real sense of unease is pervading the country right now, and it is 
not just the stock market or unemployment fears or the housing crisis. 
There is a genuine apprehension about where our Nation is headed 
financially.
  In my travels throughout my home State this past weekend, I had the 
opportunity to talk to Georgians from Atlanta, to Waycross, to Blakely, 
to Macon, and to hear what is on their minds. One of their main 
concerns is the budget the President has sent to the Hill and the 
financial hole into which it will put this country, our children, and 
our grandchildren.
  They are right to be worried. The independent, nonpartisan 
Congressional Budget Office released its analysis of the President's 
proposed budget on last Friday. Its assessment is very troubling. The 
CBO's estimate for the cost of this budget exceeds that of the Obama 
administration's estimate by $2.3 trillion over a 10-year period. By 
borrowing and spending so much money, the CBO projects that the public 
debt--the amount we have to pay back to our creditors--will grow to 82 
percent of GDP by 2019. The last time that happened, America was paying 
off a massive debt it incurred from fighting in World War II. According 
to the CBO, this year, 2009, the total deficit is estimated to hit $1.9 
trillion. By 2018, the CBO projects annual deficits to be more than $1 
trillion every year, and rising. Under the terms of this budget, the 
annual deficit, in 2013, is slated to be $672 billion--or more than 4 
percent of estimated GDP. That is one of the largest deficits in 
American history, but it is actually the smallest projected deficit in 
this entire budget.
  Back in 2004, before he was the President's Director of the Office of 
Management and Budget, current OMB Director Peter Orszag wrote that 
repeated deficits of 3.5 percent or more will put this country on an 
``unsustainable path'' and would result in ``a related loss of 
confidence both at home and abroad.'' He was right. But we are feeling 
that loss of confidence among Americans now, much less among those whom 
we are looking to to buy that huge debt we are creating.
  To put it plainly, people are worried. These are people such as Phil 
Perlis, who owns a family clothing business in Tifton, GA. Phil's 
family has owned The Big Store for almost a century, and it employs 
approximately 20 people. I know Phil and his family very well. Phil 
said this is the toughest year he has ever had. He has been ``squeezed 
in every place imaginable.'' The days of feeling comfortable about 
making a profit no longer exist, and he simply hopes to be in business 
this time next year. His confidence is shaken. And given the business 
climate and the economic issues in Washington--and despite his positive 
attitude--Phil predicted to me the other day that very trying times are 
ahead for his store, as well as all other small businesses across 
America.
  He is not alone. Americans, despite the optimism that is our 
birthright, already feel a sense of disquiet about the direction our 
Nation is headed economically. As an example, the national savings rate 
has gone from zero in 2005 to 8 percent today. For the good of their 
families, Americans are trying to hold on to what they have, not 
throwing caution to the wind and hoping for

[[Page 8539]]

a future financial miracle. For the good of our country, our children, 
and our grandchildren, our Government should do the same.
  Mr. President, I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. DURBIN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Burris). Without objection, it is so 
ordered.

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