Chief Deputy Whip Peter Roskam (R-IL) released the following statement on today's Joint Economic Committee report that found the reforms and pro-growth policies included in The Spending Control and Economic Growth Act will result in significant economic growth and deficit reduction.
The House debt limit plan is expected to be introduced this week and according to CBO's growth-to-deficit reduction estimation, the legislation would yield significant federal revenues and meet the goal of reducing the deficit by more than the federal debt ceiling is increased--fully following the Boehner Rule:
"Our nation's debt and deficits have swelled under the weight of out of control spending and a sluggish economy. Today's Joint Economic Committee report underscores what House Republicans have been saying for a long time--we cannot simply cut our way out of debt, we must grow our economy as well. The House debt limit plan contains cuts and real reforms that help build a 21st century economy, unleashing our nation's vast energy resources and putting us on a path to reform our outdated tax code so businesses can thrive and grow. By forwarding a growth agenda that lifts all boats and brings in more revenue, we can reduce our nation's borrowing and cut our debt."