The Obama administration has announced the U.S. budget deficit will rise $89 billion to above $1.8 trillion – about four times the record set just last year.
“Even before the overspending, is the overborrowing,” said Rep. Joe Wilson.
Revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.
“It was really shocking to me to find out that when they budgeted $3.6 billion dollars, that nearly half of it was going to be borrowed money,” he added.
The South Carolina Republican spoke with Greg Corombos of Radio America/WND. The audio of the exchange is embedded here:
|
|
“My constitutents are very, very concerned about the overborrowing, the overspending and the consequences that could be coming over overtaxation.”
Wilson touts the Republican effort to provide Americans with tax credits to buy homes.
“This would have immediately, throughout the U.S., not just in selected areas, it would of revitalized the economy, it would have built up the home building industry, the real estate industry, it would have provided for building a tax base for schools.”
Tax increases “have a chilling effect on the creation of jobs,” continued Wilson.
“And I believe one of the reasons there has been an increase in unemployment is because companies are looking ahead, particularly small businesses, and they’re simply not creating jobs like we need them to do to create opportunities for American families.”
