Hoyer: “Without action, our debt will grow to be larger than the economy within the next decade.”
Hoyer Statement on CBO’s Long-Term Budget Outlook
WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) issued the following statement today after the Congressional Budget Office released their long-term budget outlook:
“Today’s long-term budget outlook shows the urgent need to get our nation’s deficit under control. Without action, our debt will grow to be larger than the economy within the next decade: publicly held debt is projected to increase from 69% of GDP today to 101% in 2021, and twice as large by 2037. CBO described the path of debt as ‘unsustainable,’ and the longer we wait to act, the worse the problem becomes. That’s why I hope the Biden group will produce a balanced approach to start reducing the deficit now, while putting in place a process to get our budget back on track over the long-term.
“At the same time, we must also remain focused on economic growth and ensure that the actions we take now do not harm the economy. To bring the deficit down we have to get Americans back to work and keep the economy moving. I hope Republicans will work with us to create jobs and strengthen our economy as part of our effort to bring our budget back to balance.”