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McKeon Blasts Rising U.S. Debt

buckmckeonRep. 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 
trillion).

• April 20, 2009: Presidential $100 million savings announcement (Total debt outstanding: 
$11.189 trillion).

• 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.