The Congressional Budget Offices announcement today that the federal government will run a $407 billion deficit this year caused finger-pointing by Democrats and Republicans.
Republicans targeted the Democrats for what they said was excessive spending and regularly bypassing pay-as-you-go budget rules.
Senate Budget ranking member Judd Gregg (R-N.H.) said Democrats have passed legislation that piles on to the deficit and are likely to do the same if Democratic presidential nominee Sen. Barack Obama (Ill.) is elected.
This is a do debt, do deficit and do-nothing Congress. … This is a failure. These numbers reflect a failure, Gregg said.
Budget Chairman Kent Conrad (D-N.D.) said the deficit spending began under the GOP majority. Calling Republicans architects of this economic fiasco, he argued that the consequences of the GOP-controlled Congress are just becoming clear.
They are the ones that dug this hole and kept digging, Conrad said.