Concord, NH- The Bass Victory Committee issued the following statement after the non-partisan Congressional Budget Office (CBO) released an update to its Budget and Economic Outlook on Wednesday. The CBO estimates a $1.1 trillion deficit for Fiscal Year 2012 as well as weak economic growth and high unemployment in the future.
“The Congressional Budget Office has given more proof that the policies of President Obama and Ann Kuster have failed to promote economic growth and opportunity. Our nation now faces its fourth straight year of deficits over $1 trillion under President Obama's lack of leadership and unemployment continues to be over 8 percent," said Bass campaign spokesperson Scott Tranchemontagne.
"The Obama-Kuster economic policies have failed to help our economy or put people back to work, and instead of offering new solutions, Ann Kuster continues to support these failed policies and is calling for more of the same. More failed stimulus, more government control over our health care system, and more taxes including her support of a New Hampshire income tax. Unfortunately, Ann Kuster's ‘new normal’ for our nation is 8 percent unemployment and trillion dollar deficits."
The CBO also warned that unless there is action by the end of the year to avoid the "fiscal cliff," the sudden tax increases and spending changes would send the U.S. economy into a recession and drive the unemployment rate up to 9 percent by the end of 2013. Without action, all tax rates will go up, the payroll tax cut will end, the $109 billion across-the-board spending cuts to defense and domestic programs will take place, and doctors will see their Medicare reimbursement rate cut, threatening seniors’ access to healthcare. In New Hampshire, the average tax increase will be $3,600 per tax return.
"Charlie Bass understands the dire consequences of allowing our nation to go over the ‘fiscal cliff’ and has shown the courage to break with party leaders on both sides of the aisle and work in a bipartisan fashion to propose a plan that would prevent us from hurtling over that cliff. The plan was endorsed by leaders of the President's own National Commission on Fiscal Responsibility and Reform, Alan Simpson and Erskine Bowles," continued Tranchemontagne. "Ann Kuster called this effort to reduce the deficit by more than $4 trillion over the next 10 years through $3 trillion in responsible spending cuts and $1 trillion in new revenue through tax reform ‘pitiful’ (Monadnock Ledger, June 14, 2012). But she has yet to offer anything beyond political talking points and hyper-partisan rhetoric provided by Democratic Congressional Campaign Committee."
“Kuster continues to stand in lockstep with Washington party leaders in supporting Obama’s failed agenda. We need bipartisan solutions and responsible, meaningful reform in Congress. We cannot continue to follow Kuster’s hyper-partisan agenda that has left us with trillion dollar deficits and failed to create job growth or strengthen our economy. New Hampshire small businesses and families cannot afford to continue following the Obama-Kuster plan over the cliff."