U.S. Sen. Mike Johanns (R-Neb.) today released the following statement after the Congressional Budget Office (CBO) issued a report finding the nation would be plunged into recession and unemployment would again grow to more than 9 percent if Congress allows the economy to go over the so-called fiscal cliff, something some members of the Senate have called for:
"This is another red-flag warning us of what we already know: Our nation's current economic path is unsustainable and time for action is growing short," Johanns said. "Congress must get serious about where we're heading and act in a bipartisan fashion before our economic train runs off the cliff."
The term fiscal cliff is often used to describe the mix of automatic tax increases and spending cuts expected at the end of this year. Johanns has long called for Congress to act on comprehensive deficit reduction and has worked across party lines to find a solution.