Congressional Budget Office Draws Blistering Attention to Runway Debt Crisis in America

Statement

Rep. Howard P. "Buck" McKeon (R-Santa Clarita) today released the following statement after the Congressional Budget Office (CBO) released a report on the looming debt crisis facing America:

"The CBO, a nonpartisan oversight agency charged with reviewing congressionalbudgets, has released a daunting report detailing the alarming budget outlook facing our nation today and in the future. This report should serve as a red flag to the Administration and Senate Democrats that we must address the debt issue and implement fiscally conservative, concrete budget plans to gain control of the nation's debt disaster.

"We don't have a revenue problem; we have a spending problem. As the CBO highlights, the constant increase in taxes, healthcare costs, compounding interest rates will only damage the economy further unless Congress can be quick to impose a new strategy. Congress must aim for a spike in new job creation and reassure business owners that new hiring plans will only contribute to the growth -- not failure- of their companies. Investors need to have a sense of confidence when financing the American marketplace and not see their money wasted on enormous government bailouts. "A Sustainable Financial Future' should be the new motto for America to keep us focused and on track to pass down to our children a country with a strong financial foundation. As long as we continue to grapple with debt and deficit woes, we will not be able to focus on innovation and competitiveness.

We can't continue on the same path we are on, and this report is a factual reference to what isn't working; we need a new direction to improve the economic health of the nation for future generations."

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