The release of today's Long-Term Budget Outlook from the non-partisan Congressional Budget Office (CBO) underscores what we have known for some time now -- that the policies being put forth by the Administration are hurting, not helping, our economy and will leave our nation in a very dangerous place for future generations if we fail to make the tough choices now to put our economy back on the right track.
The report released today highlights several major factors contributing to our debt, including the President's health care bill. Despite promises to lower health care costs, this report shows that spending on health care will actually increase 93% over the next 25 years and will account for 10.4% of GDP in 2037. The report states that increases in health care spending "cannot continue indefinitely, because if they did, total spending on health care would eventually account for all of the country's economic output--an impossible outcome." This is yet another wake-up call by that we must put our nation's health care programs on a sustainable course if we are going to avoid an even bigger crisis than we currently face. Earlier this year, I unveiled a plan to save Medicare and make it more sustainable for our nation's seniors. You can learn more about that bill he
In addition to today's long-term outlook, CBO recently released another report regarding the "fiscal cliff" our country faces if we fail to address impending tax increases that could take effect at the end of this year.