Pelosi: Fiscal Discipline Must Be the Order of the Day

Washington, D.C. – Speaker Nancy Pelosi issued the following statement today on the updated deficit forecast:

“Today’s deficit projections are a legacy of Bush Administration fiscal policies that turned our surpluses into deficits and led the way toward an economic and financial crisis that has required historic short-term intervention.  If pay-as-you-go principles had been in place for the last 8 years, this deficit would be $5 trillion smaller over the next decade.

“We are working with President Obama to restore fiscal responsibility and to ensure that statutory pay-go, already passed by the House, is signed into law. Under President Obama’s leadership, we have ended the Bush-era practice of hiding the costs of the wars in Iraq and Afghanistan – gimmicks and accounting tricks that have no place in our budget process. And working with the President, Congress has laid out a budget blueprint that reduces our deficit, lays a new foundation for job creation and economic growth, and invests in more broadly shared prosperity for all Americans.

“But we cannot reduce the deficit in the long-term without getting health care costs under control.  Nor can health care reform add to the challenge. That is why our health insurance reform is fully paid for and will not increase the deficit.

“These deficit projections send a clear message: fiscal discipline must be the order of the day as we come out of this recession. Our economic recovery efforts are starting to pay dividends for America’s families.  Today’s announcement that consumer confidence and home prices are on the rise represent new signs that our economy is moving in the right direction. And now, we must remain on-track to tackle our fiscal challenges, advance policies to promote job growth, reinforce the foundation of our prosperity, and return the United States to the days of financial stability.”