The deficit for just the first two months of FY 2013 hit $292 billion, $57 billion higher than the same period last year, according to a new report from the Congressional Budget Office.
“The fact that, two months into the fiscal year, our federal deficit has already reached $300 billion, illustrates just how truly out of control the federal government has become,” Sen. Jeff Sessions, R-Ala., said in a statement. “Deficit totals are higher than last year and confirm predictions for yet another trillion-dollar deficit.
“The proposed solution from Secretary Geithner is to increases taxes $1.6 trillion and increase spending growth by $1.2 trillion. In other words, hike taxes to pay for new spending,” Sessions added. “The result is adding $8.6 trillion in new debt over 10 years, instead of $9 trillion. President Obama talks a lot about a ‘balanced plan’ for deficit reduction, but there is one simple question the White House won’t answer: how do you plan to balance the budget?”