Member Comments and Staff Analysis Of The Congressional Budget Office’s Budget And Economic Outlook, 2015–2025
“Political differences shouldn’t prevent us from taking bold, decisive action to address America’s dire financial outlook. Republicans and Democrats agree that being $18 trillion in debt today and facing the prospect of spending more than $800 billion a year on interest payments alone does not lend itself to a prosperous future for our country. CBO’s numbers only reinforce this notion. The longer we postpone reforms and put off making tough decisions, the deeper the hole we have to climb out of. Let’s not miss the opportunity before us to start down a new path and address our problems head on.” - Chairman Mike Enzi
“America remains on a financially unsustainable path that threatens the future stability, security, and prosperity of our economy. Interest on the debt alone will consume $5.6 trillion of federal spending over the next decade. We have a duty to prevent a clear and present danger, and that means we must take steps now to balance the budget.” - Sen. Jeff Sessions
“The new projections released by the CBO should serve as a stark reminder that our country is on an unsustainable economic path. The longer we wait to act, the more difficult it will become to put in place real reforms to control spending and reduce our over $18 trillion national debt. This dangerous level of debt remains a drag on the economy and job growth and will only worsen over time if Washington continues to irresponsibly add to the credit card.” - Sen. Mike Crapo
“This latest CBO report indicates that we’re headed down an unsustainable path that will put a damper on economic growth and hurt American workers. When a nonpartisan organization like the CBO says that Americans will pay more taxes yet our deficits will rise, something needs to be done. It’s crucial that we get our spending and deficits under control so we can grow our economy and give job creators the certainty they need to expand and hire more workers.” - Sen. Rob Portman
“With $18 trillion in debt and the growth of entitlement programs skyrocketing, it is clear the federal government’s current fiscal path is unsustainable. A sluggish economy makes the problem even worse. CBO has warned that this situation could persist if no action is taken. Controlling debt requires making smart choices on spending as well as enacting policies that encourage stronger economic growth.” - Sen. Roger Wicker
“I didn’t come to Washington to sit idly by as lawmakers in both parties pretend the deficit is shrinking and that our national debt is not a concern. We have a genuine fiscal crisis on our hands. We’re already handing our kids and grandkids a national debt of over $18 trillion and tens of trillions of dollars of unfunded liabilities for entitlement programs. The latest CBO report shows that the deck is stacked to get even worse.
We need a sense of urgency to seriously tackle our national debt because of the threat it poses to our economy and national security. As a member of the Budget Committee, I look forward to working with Senate Budget Chairman Mike Enzi and House Budget Chairman Tom Price in the pursuit of a budget that reflects the tough decisions necessary to eliminate wasteful spending, prioritize our resources, and grow the economy.” - Sen. David PerdueClick here to read the staff analysis.
Next Article Previous Article