Richard Viguerie: Washington Politicians Again Covering Up True Size of Federal Deficit

2008-08-14 06:00:00

    MANASSAS, Va., Aug. 14 /EMWNews/ -- Reacting to

projections from the Congressional Budget Office (CBO) that the Fiscal Year

2008 federal deficit will be about $400 Billion, the Chairman of

ConservativeHQ.com, Richard A. Viguerie, issued the following statement:



    "According to CBO, the current fiscal year, which ends on September 30,

will end up with a deficit of $400 Billion. While this figure is shockingly

high, the truth is that the actually deficit is a lot higher.



    "The $400 Billion deficit is based on an accounting fraud called the

Unified Budget, in which money borrowed from the Social Security Trust Fund

and which is added to the National Debt, is counted as income for the

annual budget.



    "This kind of trickery by Republicans and Democrats would land officers

of publicly held companies in prison.



    "When you take the $186 Billion that is being borrowed from Social

Security and add it to the $400 Billion deficit that is being acknowledged,

you get the real deficit of $586 Billion.



    "Raiding the Social Security Trust Fund to finance the general

operations of the federal government is a direct attack on the financial

security of senior citizens. Trying to cover it up through deception is

unconscionable.



    "As for Fiscal Year 2009, the Bush Administration projects a deficit of

$482 Billion, but that does not include $36 Billion from the Housing Bill,

$80 Billion in war costs, and $227 Billion borrowed from the Social

Security Trust Fund. The actual deficit next year will be $825 Billion --

$343 Billion more than has been acknowledged.



    "While the Housing Bill passed late and no one really is sure what the

wars in Iraq and Afghanistan will cost, it is inexcusable to pretend that

the $227 Billion being borrowed from Social Security is an asset, rather

than a debt that must be repaid.



    "Republican and Democratic politicians should keep their hands off of

Social Security surpluses. And they should start accounting honestly for

the money borrowed from the Trust Fund."



    NOTE TO EDITORS: Richard A. Viguerie pioneered political direct mail

and has been called "one of the creators of the modern conservative

movement" (The Nation magazine) and one of the "conservatives of the

century" (The Washington Times). His latest book is Conservatives Betrayed:

How George W. Bush and Other Big-Government Republicans Hijacked the

Conservative Cause (Bonus Books), which, Jerome Corsi wrote in

WorldNetDaily, is "destined to become a classic of conservative thinking"

and "may be the most important conservative book written in the last

quarter century."



    Contact: Bob Sturm (703) 396-6974



    After 6 PM Eastern time



    and on weekends, (703) 307-8176





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