August 25, 2009 – Congressman Trent Franks (R-AZ) today made the following statement regarding new economic reports released this morning by the Office of Management and Budget and the Congressional Budget Office:

"New numbers released by both the Obama Administration's own Budget Office and the non-partisan Congressional Budget Office are showing the true toll President Obama's unprecedented spending is taking on the American economy. According to the reports, the federal budget deficit will reach an incredible $1.6 trillion this year, or 11.2% of America's GDP -- the highest deficit since World War II. And in light of the President's wasteful spending, the Administration increased their 10-year projected deficit from $7 trillion to an unbelievable $9 trillion.

"Furthermore, the same Administration that said unemployment would not surpass 8%, if Americans would merely endure the President's reckless spending on a $787 billion so-called "stimulus" bill, is now projecting an unemployment rate of 10% for the fourth-quarter of 2009, and an average unemployment rate of 9.8% for 2010.

"Put simply, by the Administration's own standards, Democrats' recovery efforts have failed miserably. Hundreds of thousands of Americans continue to lose their jobs every month, and the President's many massive spending bills are resulting in record-level deficits, putting an unconscionable strain on an already burdened economy.  It's hard to believe the Administration can justify continuing on this unsustainable fiscal course, asking the American people to trust that government bureaucrats know best while hard-working taxpayers foot the bill for a more than $1 trillion health care reform package."