Earlier this week, the Congressional Budget Office (CBO) issued the long-term budget outlook for the United States. The CBO projects that the U.S. debt will overtake the size of the entire U.S. economy this year and debt held by the public will outpace the economy by the year 2021.
The CBO projection is another wake-up call to Washington. We are teetering on the precipice of an economic crisis if Congress does not work together to rein in spending and begin to pay down our debt. As Congress and the Administration moves forward with debt ceiling negotiations, there must be recognition that the next crisis will be our inability to borrow as credit markets doubt America's ability to our bills.
In addition, the American people need a plan for the future -- a budget -- from their representatives in Washington. House Republicans passed a budget that curtails spending and addresses the exact issues outlined by CBO's long-term budget outlook. It ensures Medicare's solvency and includes realistic and responsible budget decisions that will avert the coming economic crisis. The Senate has failed to pass a budget in 787 days.
The current economic problems we are experiencing -- stagnant growth, high unemployment, and low consumer confidence -- are due, in part, to economic uncertainty. The threat of massive tax increases, more regulation, and higher interest rates do not encourage businesses to invest and hire today. The Republican Budget, passed by the House, addresses our most pressing issues while paving a path to prosperity for future generations.
Please share your thoughts on the CBO long-term projection in this week's survey. I look forward to hearing from you.
Member of Congress