Representative Tim Scott today released the following statement in response to the Congressional Budget Office's newly released long-term budget analysis:
"It is no secret to anyone what our nation needs right now: jobs, jobs, and jobs. The massive spending habits of the current Administration, and their unwillingness to take the tough steps needed to stop it, will only hurt our children and our grandchildren.
Three years ago, our nation's debt was basically equal with the 40 year average in terms of GDP; by the end of this year it will be at the highest rate since shortly after World War II. The CBO projects by 2035, if our spending habits go unchanged, the interest payments on our debt alone will be almost nine percent of our GDP, an increase of 536 percent. For comparison, that is roughly twice what we spend today on Social Security.
How much more time does the President need to acknowledge his policies are not working? Unemployment remains historically high, our nation's credit ratings are in danger of tumbling, and more families than ever are uncertain what tomorrow will bring. It is imperative that we cut taxes that discourage entrepreneurship and investment, which my Rising Tides Act accomplishes, reform our broken entitlement system, and put America back on the path to prosperity.
We must stop spending money we do not have, and the President must either lead or get out of the way. I am committed, and Republicans are committed, to restoring fiscal sanity to our nation and making sure the CBO's forecasts do not become a reality."