Patrick McHenryChairman

WASHINGTON, July 23, 2010 -

- Financial Services Committee Ranking Member Spencer Bachus questioned the timing of the Democrats' rushed "Wall Street" reform bill as the Obama administration released an annual report today showing this year's deficit will be the largest in history, at $1.47 trillion. 

"The rush for the most overreaching reform of our nation's economy came at a time when the White House and Democrats in Congress knew that today's news could put the brakes on their big government spending spree.

"The record levels of government spending and deficits, along with political uncertainty over the Democrats' policies, is creating a hostile regulatory environment that discourages economic activity and stifles job growth.  These dangerous policies simply must stop.

"The American people are right to have no faith in Democrats, who continue on an unsustainable spending binge at a time of historic budget deficits, all while refusing to produce a Federal budget to keep them accountable." 

NOTE: A recent report from the Congressional Budget Office warns that the debt held by the public will skyrocket, doubling from its current level of 62 percent of GDP to 125 percent of GDP by 2027, surpassing Greece's current debt level.   The interest payments alone for our national debt are projected to be $916 billion in 2020.