WASHINGTON, DC – Congressman Adam Schiff (D-CA) issued the following statement in response to the Congressional Budget Office’s 2004 budget deficit projection:
“While we were once projected to have a 2004 surplus of $397 billion, we now have a 2004 deficit of $422 billion – a record high. I am troubled by these new numbers, and I am further dismayed that the Administration has no plan to put our budget back in balance. We are already seeing upward pressure on interest rates, a trend that will be exacerbated by heavy federal borrowing.
“Only through a disciplined financial course can we ensure that our country’s future economic vitality is strong. We should not be debt financing our war effort and forcing our children and grandchildren to pay for our security.”
Earlier this year, Congressman Schiff was named a “Treasury Guardian” by the nationally recognized budget watchdog group Taxpayers for Common Sense Action (TCS Action) for his fiscally responsible voting record in the House of Representatives.
Congressman Schiff is the co-founder of the Democratic Study Group on National Security, a member of the Blue Dog Coalition and a member of both the House Judiciary and International Relations committees. He represents California’s 29th Congressional District, which includes the communities of Alhambra, Altadena, Burbank, East Pasadena, East San Gabriel, Glendale, Monterey Park, Pasadena, San Gabriel, South Pasadena and Temple City.