McKeon Blasts Rising U.S. Debt
Rep. Howard P. "Buck" McKeon issued the following statement today after the U.S. Department of Labor reported a loss of nearly 467,000 jobs in June, bringing the unemployment rate to 9.5 percent:
"It has been four months since Democrats forced their trillion dollar economic stimulus package into law, and yet today marked the highest unemployment our country has seen in twenty-six years. In California, we are seeing astounding numbers as high as 11.5% unemployment. Speaker Pelosi, where are the jobs that were promised?
"Americans are concerned about the economy and job losses, yet we have a Majority driving the country deeper in debt, working on a failing and frightening economic model of 'borrow and spend,' and inevitably shouldering everyday families with a higher tax burden to pay for the federal spending spree.
"Before it is too late, Democrats must stop driving the country further into debt and adopt pro-growth policies that create more jobs. We must put a stop to the radical agenda that is rapidly making its way through Washington in the form of a Cap & Tax climate change bill, federal free-market takeovers, and government run health care systems. There is a reason forty-four Democrats voted against last week's Cap & Tax bill; perhaps the reality is setting in that we cannot tax and spend our way into prosperity."
FISCAL TIMELINE, 2009
• February 13, 2009: Democrat House passes $787 billion stimulus without Republican input.
• February 17, 2009: $787 billion stimulus signed by President Obama.
• February 23, 2009: Bipartisan budget summit (Total debt outstanding: $10.839 trillion).
• March 11, 2009: $410 billion appropriations bill enacted.
• March 24, 2009: Presidential prime time news conference (Total debt outstanding: $11.046
• April 20, 2009: Presidential $100 million savings announcement (Total debt outstanding:
• April 29, 2009: House passes $3.6 trillion budget.
- End of April, 2009: Administration bails out Chrysler.
• May 7, 2009: President submits savings proposal of .5% of the budget (Total debt outstanding: $11.256 trillion).
- End of May, 2009: Administration purchases GM (approx $50-$70 Billion).
• June 4, 2009: House Republicans propose $375 billion in common-sense taxpayer savings to Administration.
• June 9, 2009: President holds a PAYGO summit.
• June 15, 2009: CBO announces that the Kennedy-Dodd Govt. Healthcare bill would cost more
than $1.3 trillion over ten years.
• June 16, 2009: House Democrats pass $100.9 billion Supplemental spending bill, plus $108 billion in "loans" to the International Monetary Fund.
• June 23, 24, 25, 2009: U.S. Treasury forced to auction a record $104 billion in Treasury notes
to cope with America's debt obligations.
• June 26: Speaker Pelosi brings cap & tax legislation - that will cost millions of jobs and impose a crippling energy tax upon working families - before House of Representatives.
• July 2: Unemployment rate in U.S. reaches 9.5% after 467,000 jobs lost in June.