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-- so -- three months remaining on the budget calendar the Obama administration has an -- of the federal deficit has reached the one trillion dollar mark for the second straight year.
And don't expect things to change in 2011 according to the Treasury Department.
The deficit will remain above one trillion dollars next year as well.
Now fiscal discipline may be a thing of the past in Washington but in the neighboring commonwealth of Virginia.
Governor Bob McDonnell is ushering in a new -- -- six months ago when he was sworn into office.
The commonwealth faced a one point eight billion dollar deficit but under his leadership.
He's turned that deficit into -- 220.
Million dollar surface surplus.
And tonight here to tell us exactly how he's able to do it and by the way I hope President Obama is watching.
And joining me now from Richmond Virginia is governor Bob McDonnell governor good to see you welcome back.
They shot -- feedback on what -- facts I I got some conflicting information as I read your piece in the hill.
And in you said you actually.
He -- yet your administration.
Had an unprecedented four point two billion dollar deficit was one point haters of four point two the -- inherited.
Where was one point eight just for the end of this current budget ending June 30 of 2010.
For the last.
By any -- and then going forward over the next two years the eleven or twelve budget we faced a four point two and a billion dollar.
-- and shall we were able to work together and eliminate that.
That deficit by cutting four point two billion dollars in spending no increase in taxes and so we've got the new budget in place but the good news we announced today.
Was that once -- eight billion dollar deficit that we -- coveted office six months ago is now resulted in a year and close.
Of at least 240 million dollars in surplus that we -- -- -- Cutting spending.
Our budget estimates -- -- realistic amount.
End up making sure that we're doing what American families and businesses -- -- -- that is don't spend more agitated and it's pure -- simple formula.
This what does what drives me crazy I mean if if I was in trouble financially the first thing I would do would be to cut back on spending a lot of people home.
Not -- and I've had tough economic times in my life and that's -- look -- there was a time in my life I was driving 250 dollar cars.
And I couldn't afford to go hamburger place because I just I just didn't have the money at that point my life.
And I know many people -- struggling right now that's what most American families will do.
Here's what I found interest being -- in the model that you put together the paradigm you put together.
You actually went back to spending levels from four years ago.
Your budget is now at the 2006 level is that something realistically they can be done on -- federal level.
Well as a matter of absolute necessity -- you don't Actuate a prosperity.
You live within your means that we felt it was -- good to reduce that now there was some tough things that we.
That we cut it in education and higher education.
Then in health services but.
We felt that that's what we needed to -- to do.
They're great of growth of spending shot at every level of government is unsustainable we've doubled our budget in the last twelve years in Virginia.
You've just quoted some statistics -- -- the federal level we've got a fourteen trillion dollar.
National -- so that's unsustainable it's over a hundred grand for American.
Family we cannot continue on this road of becoming a greater debtor nation so the only way we got to.
Approach this is promote economic development strengthen the free enterprise system.
Keep taxes and regulation low and things turn of the surplus -- National have been able to I gotta -- as -- seems very just like common sense to me and and I don't think you really -- your own horn here except to say -- this is it a success story.
The rest of the country were facing trillion dollar deficits as far as the eye can see.
We still got three or four months in this fiscal year already trillion dollars in the hole of one point four trillion last year that's three trillion in two Obama years.
That we've accumulated for debt for our kids and grandkids.
And I don't hear anybody talk about reducing spending why -- why don't we even hear that discussion in Washington.
We'll -- you hear that a lot from Republican governors around the country -- friend Chris Chris the end new Jersey's doing a great job doing.
Significant cuts that need to be done to get his budget and safe Republican candidates for governor around the country.
Are talking about it but in congress particularly with the democratic leadership.
It's just more spending that's irresponsible and mortgaging our kids future we were at the Republican the National Governors Association this weekend shot.
Senator Alan Simpson said said -- he said the pig is dead there's no more bacon to bring home.
-- he's absolutely right you've got to live within your means like a family and business sense.
If governments do that and promote economic development of free enterprise you're gonna have prosperity and you know we got a long way to go we got always unfunded mandates from the federal government from health care.
And other things coming down the -- there -- still gonna have to worry about but in the short run the good news there is.
These fiscal principles suffered a surplus of.
-- -- it seems to me that.
That this is very doable here and that this seems to me to be the platform that the Republicans ought to be you know screaming from the top of of the mountain going into this election year.
Would you like to see Republicans put their promise to balance a budget on paper and do you think they can put forward a balanced budget.
In spite of these these unfunded mandates and the lack of discretionary spending that they have to cut.
I really do we're fortune in Virginia our founders had a vision of putting a balanced budget requirement.
Into our constitution.
And the states that have that or require that got by executive Fiat.
Are doing very well I think the Republican leaders in congress.
-- when they take the house back over I think that's what you're gonna see John Boehner and Eric Cantor well do because they realize we can't sustain this level of spending.
I spoke a year convention you made that promise that day and obviously it's proven two bring quick dividends so.
Governor continued success I hope they're listening on the national level.
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