A Mississippi congressman says President Obama has the United States about eyeball deep in debt.

Rep. Gene Taylor, D-Miss., told the Hattiesburg American editorial board on Monday that former President George W. Bush put the nation chin deep into debt and Obama has continued the trend.

Taylor says the bailout coupled with taxpayer dollars being spent on projects that aren’t worth the price paid is driving up the deficit.

He says military vessels bid out to companies are coming in hundreds of millions of dollars over budget.

He says the private sector needs to get involved in the process, so taxpayers and the country will get more for their dollar.

He says inflation and hyperinflation have become concerns due to rampant spending.