Ranking Member Sessions Comments On New CBO Baseline Projections
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today regarding the new 10-year baseline from the Congressional Budget Office:
“This morning, the Budget Committee held a hearing with the ostensible purpose of reassuring us that all is well, that the economy is getting stronger, and that there is no urgent need to change our debt course.
But all is not well.
New baseline estimates from the Congressional Budget Office reveal, without dispute, that unsustainable deficits and debt will continue for the foreseeable future unless Congress takes decisive action.
- Under current law over the next 10 years, cumulative deficits will total a staggering $7.9 trillion.
- Within just six years, the nation will be spending more on interest costs to service our debt than we spend on national defense.
- Annual deficits begin a relentless rise after 2015, reaching $1 trillion by 2022.
More taxes, more borrowing, and more government spending are not a solution. Instead, it is time to create good-paying jobs by promoting more American energy; reform our government assistance programs to turn the welfare office into a job-training office; and restore economic growth and confidence by finally balancing the federal budget.”
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