Rep. Scott Garrett (R-NJ), Vice Chairman of the House Budget Committee and Chairman of the Budget and Spending Task Force for the Republican Study Committee (RSC), issued the following statement today after the Congressional Budget Office (CBO) released a report showing the U.S. debt crisis to be far worse than previously expected:
"Today's CBO report makes clear how important it is that we stop tinkering around the edges and start addressing America's debt crisis head on. The CBO projects that our debt obligation will rise to 190 percent of GDP by 2035, more than double the estimate made last year. This massive increase in the debt-to-GDP ratio is being driven primarily by our country's unsustainable entitlement programs and the demographic realities of the baby boomer generation. The CBO report is a sobering reminder of just how urgent the need is for wholesale reform to our country's entitlement programs. Until we take serious the warning signs in front of us, our economy will continue to flounder."