Press Releases

Luetkemeyer Says End of Fiscal Year Shows Future Generations Facing Historic Debt Burden

Washington, DC, September 30, 2009
Marking the end of the federal budget's fiscal year, U.S. Rep. Blaine Luetkemeyer (MO-9) today expressed his concern about a national debt that grew by a historic $3.1 trillion since the Democrats took over Congress in January 2007, while the national debt now stands at $11.8 trillion.
Marking the end of the federal budget’s fiscal year, U.S. Rep. Blaine Luetkemeyer (MO-9) today expressed his concern about a national debt that grew by a historic $3.1 trillion since the Democrats took over Congress in January 2007, while the national debt now stands at $11.8 trillion.
“It is unacceptable that our children and grandchildren have been saddled with a debt burden that is greater than the total debt accumulated by the federal government from 1789 to 1989 and there seems to be no end to the out-of-control spending by the government. It remains my goal to continue to fight for taxpayers by opposing this never-ending spending spree,” Luetkemeyer said. “Unfortunately hard-working taxpayers and future generations are facing financial burdens from which our nation may never recover.”
 
Since enactment of the so-called stimulus, at a cost of $1.1 trillion including interest, the Majority and the administration have enacted a $410 billion omnibus, a $105.8 billion supplemental for the current fiscal year including tens of billions of non-defense spending, and a spending plan for next fiscal year’s regular appropriations process that exceeds $1 trillion for only the second time in U.S. history and is $77 billion above last year. 
 
Meanwhile, Medicare and Social Security’s solvency both worsened substantially. Social Security’s total unfunded obligations amount to $15.1 trillion and Medicare’s amount to $88.9 trillion. As of this year, the date at which the Social Security Trust Fund is projected to be exhausted has moved up four years to 2041 from 2037, while Medicare’s Trust Fund is projected to be exhausted in 2017, two years sooner than previously forecasted.
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