Congressman Bobby Schilling (IL-17) released the following statement regarding the Budget and Economic Outlook report released today by the Congressional Budget Office (CBO). The report indicates that unemployment will remain at approximately 8 percent through the end of the year and that the 2012 deficit will surpass $1 trillion for the fourth consecutive year:
"Today's CBO report makes clearer than ever that a significant problem is heading our way if Congress fails to act. The House has taken bipartisan steps to keep taxes low for all Americans, which would keep Illinois from losing 30,700 jobs at a time when our state's unemployment rate is at 8.7 percent. We have also offered a plan to avoid devastating cuts to our national defense, cuts that would cost around 1 million jobs at a time when the nation's unemployment rate has remained above 8 percent for a record-breaking 42 consecutive months.
"The House of Representatives has passed two serious budget proposals in the short time I have been in office to address our debt crisis, flatten and simplify the tax code, turn our economy around, and help spur private-sector job creation. But as I have said before, the House cannot do it alone. We can find bipartisan, common ground, and we can stop spending money we don't have. We just need the Senate to join us in our efforts."