CBO’s Outlook Drastically Understates Nation’s Debt Path
The Congressional Budget Office baseline budget outlook dramatically understates—by nearly $6 trillion—the deficit and debt path that the nation is on. The agency’s current law outlook shows deficits declining from $1.3 trillion last year to $1.1 trillion this year, and dropping further until fiscal year 2018, when it starts rising again. Using a realistic baseline, […]
Sessions On Baseline: Spending To Increase Fifty-Three Percent, Debt By $11.4 Trillion
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today regarding the release of the latest CBO Budget and Economic Outlook and the Committee’s estimation that our nation’s actual debt path would produce $5.7 trillion in debt above the CBO baseline: “An honest analysis tells us that spending […]
Sessions On President’s Debt Increase: Policies Growing Gov’t, Shrinking Middle Class
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today ahead of the vote on the resolution of disapproval on President Obama’s requested debt limit increase: “The president’s request to borrow another $1.2 trillion dollars—all of which will be spent and gone within the next twelve months—brings America […]
Sessions Delivers Opening Statement At First Budget Hearing Of 2012
“The president says he wants an ‘America built to last.’ But we can’t do that with borrowed money. Debt is not an asset, spending is not a virtue, and borrowing is not a future.” WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, delivered an opening statement today at a Committee hearing […]
Sessions Responds To State Of The Union Address
WASHINGTON—In response to President Obama’s State of the Union address, U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement tonight: “It was stunning how thoroughly and deliberately the president ignored the ominous threat hanging over this country—our surging $15 trillion debt. I stand ready, eager, and willing to […]
Sessions And Ryan Ahead Of Day 1,000: Senate Democrats ‘Abandoned Their Duty’
“Senate Democrats abandoned their official duty to prioritize Americans’ hard-earned tax dollars and tackle our nation’s most pressing economic challenges—dealing a painful blow to fiscal progress that may be felt for some time.” WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, and Rep. Paul Ryan (R-WI), Chairman of the House Budget […]
War Savings Offset Still A Gimmick
News reports appear to confirm that, as laid out in the State of the Union address, President Obama’s budget will propose using caps on war spending as a gimmick to either “offset” new spending or reduce the deficit. This offset is an accounting trick because it claims artificial savings from money that would never be […]
Sessions Comments On President’s Rejection Of Keystone Pipeline
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today in response to reports that President Obama has decided to reject the permit for the Keystone XL oil pipeline, a plan that has been estimated to immediately result in the creation of 20,000 new jobs: “This is a […]
How Debt Destroys Jobs—And Why We Need A Budget
In one week, on January 24th (the same day as President Obama’s State of the Union address), 1,000 days will have elapsed since Senate Democrats offered a budget plan for the nation. Higher debt leads to slower economic growth. Empirical studies show that high levels of government debt inhibit economic growth by creating uncertainty, displacing […]
Sessions Raises Questions Regarding White House Staff Changes
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, released the following statement today about the selection of current OMB Director Jack Lew to be the new White House chief of staff, and the resulting vacancy at the Office of Management and Budget: “I wish Jack Lew the best fortune in his […]