Congressman Rivera reacted to the Congressional Budget Office's 2011 Long-Term Budget Outlook. The outlook was released on Wednesday and outlines the agency's projections for federal spending and revenues over the next decades based on current conditions.
"The report from the Congressional Budget Office signals one thing; when it comes to cutting federal spending--the sooner, the better," Congressman Rivera said.
"The federal government is facing a financial crisis that will have long-term, detrimental effects on our economy unless we take action. If we continue along our current glide path, the national debt will reach roughly 70 percent of GDP by the end of this year. As the CBO points out, a high and continuously growing national debt increases the probability of a sudden fiscal crisis that causes investors to lose confidence in the government's ability to manage its budget, making it more difficult for the government to borrow at affordable rates."