New Report Says Deficit to Reach Record $455 Billion This Year Congressman Vic Snyder Says New Numbers Disappointing Trend WASHINGTON, D.C. - United States Representative Vic Snyder (AR-02) commented today on reports that the federal budget deficit for fiscal year 2003 is expected to reach $455 billion. This amount well exceeds the previous record shortfall of $290 billion in 1992.
The figures released by the White House yesterday further indicated that the budget deficit would swell to $475 billion in 2004, not including troop deployments in Iraq and Afghanistan, estimated at about $5 billion per month.
"The Bush Administration continues to make the wrong choices for America, and the result is the largest deficit and debt in the history of our country," said Congressman Vic Snyder. "We are a nation of increasing population with great responsibilities, especially considering the approaching retirement of the baby boomers. It is wrong to choose tax cuts for millionaire heirs when we can't even keep our commitments to veterans. It is a poor choice to continue debt-financed spending when we know that the bulk of the burden will be borne by Americans in their teens, twenties, and thirties."
It is estimated that by 2025 there will be a 76% increase in the number of people 65 and older, presenting our nation with significantly increased obligations in Social Security and Medicare spending.
"If the ultimate goal of implementing tax cuts, and concurrently increasing our nation's deficit and debt to record levels is to guarantee that we won't be able to meet the long-term commitments of Social Security and Medicare, we're well on our way," Congressman Snyder said. "Today's deficit forecast should serve as a wake-up call that we cannot continue these irresponsible fiscal policies."
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