Garrett: CBO Report Highlights Need to Tackle Our Spending Problem Now
Feb 4, 2014
Washington, DC – Rep. Scott Garrett (R-NJ), senior member of the House Budget Committee and Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement regarding the Congressional Budget Office’s (CBO) Budget and Economic Outlook for 2014-2024:
“Today’s CBO report again highlights America’s very serious financial problems. Despite President Obama’s big talk about tackling our deficit last week, CBO estimates that our deficit will once again top $1 trillion within eight years. Over the next ten years, interest costs alone will be $5.8 trillion—the third largest expense in the federal budget. And, by 2021, ObamaCare will cause a ‘reduction in full-time-equivalent employment of about 2.3 million.’
“Though we are racing against time, if Washington takes swift action to cut spending, reform our entitlement programs, and overhaul our broken tax code, we can save our children from a future rife with debt and devoid of opportunity. With a healthy dose of courage from elected leaders, we can get America moving on the right track again.”
To read the full report: https://cbo.gov/publication/45010.
