Recent Press Releases

Washington, DC —  Senator John Thune issued the following statement today regarding the Congressional Budget Office's revised budget deficit projections under President Obama's record setting budget proposal.

"These numbers are staggering and prove that spending in Washington is out of control. It is unconscionable to borrow this much money from China and force American families and small businesses to cover the cost through higher taxes. America is in the midst of a very serious economic challenge and it is time for President Obama to set his political wish list aside and deal with the problems at hand."

In January, the Congressional Budget Office (CBO) forecast a budget deficit of almost $1.2 trillion for Fiscal Year 2009. CBO now expects the U.S. budget deficit to reach a record $1.7 trillion in Fiscal Year 2009 and $1.1 trillion in Fiscal Year 2010. If President Obama's proposed budget is enacted, the additional spending would increase the budget to $1.8 trillion in Fiscal Year 2009 and $1.4 trillion in Fiscal Year 2010.

According to CBO, "Largely as a result of the enactment of recent legislation and the continuing turmoil in financial markets, CBO's baseline projections of the deficit have risen by more than $400 billion in both 2009 and 2010. CBO now estimates that the deficit would total almost $1.7 trillion (11.9 percent of GDP) this year and $1.1 trillion (7.9 percent of GDP) next year-the largest deficits as a share of GDP since 1945."

The CBO report continues, "As estimated by CBO and the Joint Committee on Taxation, the President's proposals would add $4.8 trillion to the baseline deficits over the 2010- 2019 period."