Senator David Perdue (R-GA), a member of the Senate Budget Committee, released the following statement in response to the Congressional Budget Office’s (CBO) update to The Budget and Economic Outlook: 2016 to 2026.
“Reading these CBO economic outlook reports remind me of the movie Groundhog Day. Each new report paints the same alarming picture for our fiscal future, yet nothing in Washington changes. We continue to see the same dangerous trend jeopardizing our ability to adequately fund the federal government. Our national debt is projected to increase from $19 trillion to almost $30 trillion by the end of the decade, and our current debt already exceeds our nation’s GDP.
“The latest CBO report underscores why we must continue finding serious solutions to solve our national debt crisis. We need to reverse the decline in business investment and increase economic productivity. This can be done and in fact, it must be done or our children and grandchildren will be the ones carrying the burden in the future.”
In March, the CBO released a version of the Updated Budget Projections: 2016 to 2026. The CBO’s previous economic projections The Budget and Economic Outlook: 2016 to 2026 were released in January.