“Another Year of a Trillion Dollar Deficit Is Unacceptable;
Four Straight Years Are Inexcusable.”
(Washington, DC – February 1, 2012) Representative Frank Guinta (R, NH-01) issued the following statement after Congressional Budget Office (CBO) Director Douglas Elmendorf’s testimony at today’s House Budget Committee hearing. The CBO released its annual Budget and Economic Outlook yesterday. Representative Guinta is a member of the House Budget Committee.
The new report projects the federal government’s budget deficit will exceed $1 trillion for the fourth year in a row. With the national debt on pace to grow to unsustainable levels in the years ahead, the CBO estimates that economic growth will remain sluggish and the unemployment rate will exceed 9 percent in both 2013 and 2014. (Click here to view the report).
“Another year of a trillion dollar deficit is unacceptable; four straight years are inexcusable. This new report underscores an undeniable fact: the fiscal disaster of crushing debt and ballooning deficits are no longer a problem on the horizon for future years; they’re now today’s problem. If we don’t reverse course from the failed policies of out of control spending, the country we will leave to our children and grandchildren will be far different from the one we know today. Politicians from both parties are responsible for creating our national debt, and it will take both parties to get us out of it.
“We must work together to solve this problem. For that to happen, the Senate needs to finally join the House in passing a federal budget, and the Obama Administration must reverse course and embrace the pro-jobs policies Americans are demanding.”