Senator Judd Gregg (R-NH), ranking member of the Senate Budget Committee, today reacted to the Congressional Budget Office's (CBO) mid-year budget outlook, which incorporates the impact of the Democrats' new health care entitlement plan into the 10-year budget baseline for the first time. According to CBO, the deficit will be $1.3 trillion in FY 2010 and nearly $1.1 in FY 2011 - $71 billion higher than projected in March due to newly enacted legislation. Over the next ten years, Congress' spending spree will drive the cumulative deficit to more than $6 trillion, $250 billion more than was projected just six months ago.
"Today's CBO outlook only underscores what we already know - the current pace of U.S. spending is unaffordable and unsustainable, and without a change in direction, this country is headed for fiscal calamity," said Senator Gregg.
"Democrats argued that their massive health care plan would get the deficit under control, but we can see now that was simply smoke and mirrors. This huge new entitlement has put the country on a path to permanent and unprecedented spending for years to come, which will only compound the coming crisis we face as the Baby Boomers fully retire and begin drawing on Social Security and Medicare, both of which suffer from cash shortfalls.
"The Democratic majority should stop glossing over our long-term fiscal problems, and start taking steps today to avert economic disaster for future generations."