Congressman Tom Price issued the following statement after the Obama administration announced that it finished this fiscal year with a 1.42 trillion dollar budget deficit. The President’s full budget plan includes over 9 trillion dollars in new deficits.

“This once unfathomable budget deficit should take the breath away from every American,” said CongressmanPrice. “We are already beginning to feel the negative effects of this borrowing, yet it will be our children and grandchildren who will long be indebted to the recklessness of this administration. The most frightening part of this budget outlook is that trillion dollar deficits stand to become the norm under this administration. The President’s budget plan puts us on a trajectory that our next balanced budget may literally be generations away.

“Contrary to the sense that Americans get from free-spending Democrats in Congress, these deficits carry enormous consequences. The dollar is already plummeting, crippling tax increases sit on the horizon, and rising interest rates threaten our long-term productivity. The federal government is operating as an enormous pyramid scheme that threatens to tumble over if we cannot get federal spending under control. Unfortunately, the President has tossed aside leadership and is pressing forward with the biggest expansion of government in history.

“The American people are demanding responsibility in Washington. They understand that the solution to overspending is not more spending. The Republican Study Committee, as with every other challenge we face, has laid out a better solution. Our budget reaches balance in ten years, and we continue to advocate for a return to fiscal sanity. Governance means making tough choices and setting priorities. This is what every American family does each day, and they are ready for those in charge in Washington to do the same.”