Washington, DC—The following is a statement from G. William Hoagland, senior vice president at the Bipartisan Policy Center, on the release of annual budget deficit figures:
“The announcement from Treasury today confirms what we’ve all known for a while: that the United States is in uncharted waters. The current levels of debt are unprecedented in peacetime during a growing economy, and the consequences of this irresponsible spending are unknown.
“Unless we make some tough decisions on spending or revenues we’re on an unsustainable path. The loudest demands these days seem to be for continued increases in government spending which, even if paid for, would not bring the budget anywhere near balance. This administration came into office talking about reducing deficits, and the results have been the exact opposite.
“Future generations cannot be saddled with such an expensive burden.”