On Wednesday, the nonpartisan Congressional Budget Office (CBO) released an update to the Budget and Economic Outlook for FY2012 through FY2022. The update shows that based on our nation's current path, which includes the pending tax increases and sequester cuts, the U.S. economy will be forced into another recession and the unemployment rate would rise above 9% in 2013. The report also shows that the 2012 deficit will exceed $1 trillion for the fourth straight year and the debt will grow by $10 trillion over the next ten years. This update clearly illustrates that the president's economic policies have failed and will continue cause poor economic growth.
The House has passed legislation that would avoid this recession by extending the current tax rates and replacing the sequestration with common-sense spending reductions. Unfortunately, the president and the Senate have yet to take up these bills nor offer a creditable plan to avoid this recession. It is my hope that with the findings of this report that the Senate and president act promptly on these House passed bills so that America can once again be put on the track to prosperity.