The Congressional Budget Office released its updated Budget and Economic Outlook today, confirming that the federal government remains on a dangerous fiscal course that will continue to restrain economic growth. We are in a spending driven debt crisis that threatens to burden future generations with the higher taxation and reduced prosperity. When President Obama and Congressional Democrats’ controlled Washington, they embarked on an unprecedented spending spree that has hobbled the economic recovery, reduced investment, and destroyed American jobs. House Republicans are committed to preventing Democrats’ from taking the nation further down an unsustainable path that will lead to a lower standard of living for generations to come.
CBO’s Updated Outlook by the Numbers
Debt Held by the Public:
Effects of the Budget Control Act of 2011
CBO’s updated outlook also demonstrates the positive impacts of the recently passed Budget Control Act, which will reduce spending by $2.1 billion over the next decade, noting:
“That estimate of deficits over the next 10 years is considerably lower than the $6.7 trillion that the agency projected in March. About two-thirds of that reduction stems from the effects of enacting the Budget Control Act, which set caps on future discretionary spending and created a process for adopting additional deficit reduction measures; the remainder is the result of changes in the economic outlook and technical revisions to CBO's projections.”