Today, the Congressional Budget Office (CBO) released its Long-Term Budget Outlook that shows deficits and the national debt will continue to rise to 175 percent of GDP by 2040, both Medicare and Social Security are heading towards insolvency, and real economic growth will remain at subpar levels of 2.3 percent on average. House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement in response to the CBO's report:
"The conclusions of this report are not surprising but they are incredibly troubling. Our national debt is spiraling out of control. Medicare and Social Security are headed toward insolvency -- creating uncertainty among today's seniors and particularly tomorrow's retirees about their health and retirement security. Interest payments on the nation's debt alone are consuming a greater share of our annual budget -- leaving fewer dollars for national security and other priorities.
"Without a positive change in course, spending on mandatory programs and interest will eventually consume every dollar we have while the programs themselves will be unable to deliver on the promises made. That will mean more borrowing and more debt that will further burden our already weak economy. If we want to have the financial wherewithal as a nation to set priorities and fund them appropriately -- to have a healthy economy, a competitive edge and a safe and secure nation -- then we must do more to address our fiscal challenges, and we must act now."