Pelosi: Obama’s Budget a ‘Blueprint for Economic Stabilization’ for America, Designed To ‘Reduce the Deficit’
May 17, 2010 - 3:13 PMHouse Speaker Nancy Pelosi (D-Calif.) recently said that President Barack Obama's fiscal year 2010 budget of $3.6 trillion was a "blueprint for economic stabilization for our country."
Pelosi, in her remarks, also said that Obama’s budget would “reduce the deficit.”
“A hundred days later from his [Obama's] inauguration, we passed the budget, which was a blueprint for economic stabilization for our country,” Pelosi said last week at the Asian American and Pacific Islanders Summit on Capitol Hill.
She continued, “Lower taxes for the middle class, reduce the deficit, create jobs around three pillars: investments in education and innovation; investments in health care really first among equals; and investment in energy and climate change legislation, again, to create good, clean energy jobs for the future.”
According to Treasury Department, however, the United States posted a $82.69 billion deficit in April, the largest deficit on record for that month and almost four times the $20.91 billion shortfall registered in April of 2009.
The Office of Management and Budget (OMB) has projected that the United States’s budget deficit over the next 10 years, based on the Obama administration's FY2011 budget, will total $8.53 trillion. The Congressional Budget Office (CBO), meanwhile, has estimated the 10-year deficit total will be $1.2 trillion higher, reaching $9.75 trillion.