Washington, D.C. – The Bush Administration’s proposed $2.13 trillion federal budget with its massive new spending will lead us into a new era of budget deficits, charges Taxpayers for Common Sense, a national budget watchdog organization.

“It is troubling that the President would release a budget that substantially increases federal spending and results in budget deficits for as long as the eye can see,” said Joe Theissen, Executive Director at Taxpayers for Common Sense.

The proposed Fiscal Year 2003 budget released today contains needed cuts in federal spending on programs such as highways, Army Corps of Engineers and Congressional earmarks. The President will have to fight to see these cuts adopted by Congress.

“Too many of the proposed cuts in the President’s budget are politically unpopular and have little chance of getting enacted by Congress during an election year. This budget reminds me of budgets of the 1980s,” continued Theissen. When Congress refused to swallow any of President Reagan’s prescribed budget deficit reduction medicine while increasing spending, the federal debt grew exponentially. It took ten years to reverse and eliminate the fiscal irresponsibility of the 1980s and now Congress and the President seem ready to repeat the same mistakes. “It’s definitely back to the future,” said Theissen.

“The President deserves thanks from taxpayers for taking the budget knife to about forty federal programs,” claimed Theissen. “However, unless he fights for his recommended cuts, this Bush budget may go down in history as a ‘Drive-by Budget’: It will blow a big hole in spending that will be very expensive for future generations.”

Before the end of this decade, the first baby boomers will retire and begin collecting Social Security and Medicare benefits. Over the next twenty-five years the rest of the boomers will retire, at which time providing retirement benefits will tax the economy and the federal budget enormously.

“The real problem with this Bush budget is that it does nothing to prepare the country for the economic burden of the baby boomers’ retirement,” said Theissen. “In less than a decade, the nation will look back and wish it had prepared as thoroughly for the boomer’s retirement as it did for the fight against terrorism, but it may then be too late.”

Taxpayers for Common Sense is calling on President Bush and Congress to further reduce wasteful spending by carefully scrutinizing the call for new spending on the military and homeland security; considering scaling back a portion of the tax cuts passed in 2001; and slating other wasteful programs and activities for the budget chopping block.

Contact: Keith Ashdown
(202) 546-8500 x110