Republicans Vow To Cut Back Federal Spending To Reduce $1.3 Trillion Deficit

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Republicans vow to cut back Federal spending to reduce $1.3 trillion deficitPresident Barack Obama's administration recently announced that the Federal deficit hit a near-record $1.3 trillion during the 2010 fiscal year.

The government had to borrow 37 cents out of every dollar it spent, according to media reports. While the deficit was $122 billion less than last year's $1.43 trillion record setback, Republicans are hoping the deficit totals help their party gain power in Congress in November's midterm elections.

Treasury Secretary Timothy Geithner and acting White House budget director Jeffrey Zients defended the Obama administration in a written statement, claiming that the recession, high unemployment and the financial crisis inherited from George W. Bush's tenure contributed to the deficit.

"These abrupt and shocking changes in our fiscal situation cannot be dismissed as 'inherited' problems when the tally of the majority's spending spree has climbed into the trillions," Senator Judd Gregg (R-N.H.) told The Associated Press.

The Congressional Budget Office reported earlier this month that Federal spending increased by 9 percent in 2010. Food stamp payments rose 27 percent while unemployment benefits went up 34 percent.

According to The Wall Street Journal, Republican candidates for Congress have proposed a variety of ideas to reduce the deficit, including a lower Federal minimum wage and less spending on education.

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