Sen. Cornyn: Federal Spending 'Dangerously High'
July 7, 2008 - 8:32 PM
On the Spot (CNSNews.com) - Sen. John Cornyn (R-Tex.) told Cybercast News Service on Wednesday that federal spending, which now accounts for 20 percent of Gross Domestic Product, is "dangerously high."
Cornyn said he thinks Republicans may need to forge some compromise with congressional Democrat to end an impasse that has prevented passage of a budget for fiscal 2008, which began on October 1. He nonetheless believes that the Bush budget, which anticipates consuming one-fifth of the overall value of the U.S economy, is too high.
"I think it's dangerously high," said Cornyn. "Because two-thirds of the budget is on entitlement spending, Medicare, Medicaid, and Social Security, and we need to do something to keep them from going insolvent, which they will do unless we act. So I would like to rein in spending more." Listen to Audio
President Bush's overall budget proposal for fiscal 2008, including both discretionary programs and so-called mandatory spending for entitlement programs such as Social Security and Medicare, equals $2.9 trillion, or a little more than 20 percent of the projected GDP for the United States in 2008. That $2.9 trillion budget also anticipates that the federal government will run an annual deficit of $239 billion.
Democrats are insisting that the federal government spend $22 billion more than President Bush has proposed.
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