House Republican Policy Committee Chairman Tom Price, M.D. (R-GA) issued the following statement after the Congressional Budget Office (CBO) released an update to its Budget and Economic Outlook. CBO estimates a $1.1 trillion deficit for Fiscal Year 2012 as well as weak economic growth and high unemployment in the future.
"Today's report by the Congressional Budget Office is a clear reflection of President Obama's failure to lead this nation, to keep his promises, and to implement policies that promote growth and opportunity," said Chairman Price. "After the president said he would cut the deficit in half, the nation has suffered four straight years of deficits over $1 trillion. Despite claiming his economic policies have worked, we see that threatening ever higher taxes to chase ever higher spending and saddling families and businesses with new mandates and red tape produce an economy that is underperforming. Those policies are leaving millions of Americans behind. That's the legacy this president is leaving our children and grandchildren.
"What the CBO has made abundantly clear is that we cannot allow massive tax increases to occur next year and we ought to address our debt challenges in a responsible way. The Senate is playing politics with the threat of further economic decline by failing to act to avoid the year-end fiscal cliff. The failure of Senate Democrats and President Obama to lead on this front is entirely unacceptable. House Republicans have put plans on the table that would get our fiscal house in order while saving and strengthening vital programs like Medicare that millions of America's seniors depend upon. We have passed in the House of Representatives a plan to stop the massive tax increases on all Americans and put in place a plan to reform America's tax code so we can lower rates, broaden the base, and eliminate loopholes and special interest carve outs. This work must be done. House Republicans have a plan to avoid a fiscal cliff and get our economy moving again."