WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) issued the following statement today regarding the updated Budget and Economic Outlook released by the Congressional Budget Office (CBO). Today’s report shows that the 2012 deficit will exceed $1 trillion for the fourth straight year, debt will grow by $10 trillion over the next ten years, and the president’s economic policies will lead to slower economic growth.
“During an historic employment crisis that will be remedied only by stronger economic growth and more jobs, today’s report is further proof that President Obama has put America on a path of slower growth and fewer jobs. With reports like these that highlight the president’s failed policies, it’s no wonder that he is waging his re-election campaign almost exclusively on distraction, division and distortion. CBO’s report reiterates the sad fact that President Obama’s higher taxes, runaway spending, and debt are endangering our nation’s economy, our national security, and our children’s hope for a better future. New policies and new leadership are more necessary than ever to revive our economy and create jobs.
“In 2009, President Obama said, ‘I refuse to leave our children with a debt that they cannot repay,’ but CBO’s analysis shows that the president is doing just that. Today’s report confirms that for the fourth consecutive year the president will borrow more than $1 trillion from nations like China and pass the bill on to the next generation. It also demonstrates that this unsustainable debt will destroy jobs and that economic growth in the coming years will be much slower than the White House’s exaggerated estimates showed.
“Economists know what the president seems to have trouble understanding: uncontrolled spending and borrowing leads to slower growth, higher taxes, higher interest rates, and fewer opportunities for the next generation. CBO’s report confirms that massive tax increases set to hit at the end of the year will send our economy into another recession.
“While President Obama and Washington Democrats spent the last four years spending money that we simply don’t have and threatening higher taxes that small business owners can’t afford, House Republicans have been charting a much different course through our Plan for America’s Job Creators. Our plan includes a budget – something the Democrat-run Senate has failed to pass for three years – that solves our debt crisis and makes our tax code fairer, flatter, and simpler, which will create jobs and turn our economy around.”