Today, the Congressional Budget Office released its Budget and Economic Outlook, which projected an $845 billion deficit for fiscal year 2013. In response, House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement:
"The CBO's report is yet another warning that we need to get spending under control. The deficit is still unsustainable. By 2023, our national debt will hit $26 trillion. We can't let that happen. We need to budget responsibly, so we can keep our commitments and expand opportunity.
"Unfortunately, the President has yet to produce a budget--in violation of federal law. And Senate Democrats haven't passed a budget in nearly four years.
"This isn't a partisan issue. It's math. Unless the President and the Senate offer a credible plan to close the deficit, we will have a debt crisis--and the country will suffer.
"House Republicans have offered their solutions. Now the President and Senate Democrats must do the same."
CBO's Key Findings
The CBO projects an $845 billion deficit for fiscal year 2013.
In 2023, the federal government will collect twice as much revenue as it did in 2012. Even so, the deficit will hit $978 billion.
The CBO projects the total debt will rise by $10 trillion by the end of the budget window (debt held by the public will rise by $8.7 trillion). By 2023, total debt will equal $26 trillion.