CBO Reax from the Right

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Cantor: “Today’s report shows that the debt crisis is threatening our long-term economic health and we need serious growth to jump start the economy and get people back to work.”

Ryan: “We are headed for the most predictable economic crisis in American history, and Washington is not providing the leadership we need to avoid it.”


Leader Cantor: CBO Shows Cuts, Economic Growth Needed to Reduce the Deficit

WASHINGTON, D.C. – House Majority Leader Eric Cantor (R-VA) issued the following statement regarding the long-term budget outlook report released today by the Congressional Budget Office (CBO):

“Today’s report shows that the debt crisis is threatening our long-term economic health and we need serious growth to jump start the economy and get people back to work. While President Obama may have inherited a bad economic situation, his big-government policies, profligate spending, and overreaching regulations have only made it worse. With millions of Americans out of work and our debt at more than $14 trillion, we need growth now more than ever. Without it, our economy will remain stalled, our debt will not be reduced and people won’t be able to get back to work.

“Recognizing this, House Republicans have been focused on jobs and the economy since day one. We’ve put forward the Plan for America’s Job Creators, which will foster an environment for growth where businesses can compete, innovate and expand by cutting through Washington red tape tying the hands of businesses, making our tax code more competitive, reforming our antiquated patent system and beginning to manage down our debt. But we House Republicans only control one-half of one-third of the power in Washington, and the President and his party don’t have a single plan that will result in growth. Their only ideas thus far are more stimulus-style spending and tax increases on the very small businesses we’re counting on to create jobs. We can’t afford these backward policies anymore. We need to move forward with growth and should measure every policy against this standard.

“America’s greatness was built on growth and opportunity, and we need to do everything we can today to get Washington out of the way and encourage the growth that’s made our country great. Democrats, who’ve taken credit for the economy, ought to stop their political posturing and join us to fix it.”

House Budget Committee Chairman Ryan: Help Today’s Job Creators by Advancing Credible Plan to Avoid Tomorrow’s Debt Crisis

In response to the dire warning from the CBO, House Budget Committee Chairman Paul Ryan (WI) issued the following statement:

“Today the CBO reiterated what the American people know, but too many in Washington simply refuse to acknowledge: We are headed for the most predictable economic crisis in American history, and Washington is not providing the leadership we need to avoid it. As Congress debates the President’s request for an increase in the statutory debt ceiling, the CBO warns of a more ominous credit cliff – a sudden drop-off in our ability to borrow imposed by credit markets in a state of panic.

“The oncoming crisis is not just a problem for the future. It is actively hurting job creation today, as businesses hold back on expansion out of concerns that we are headed for a future of massive tax increases and higher interest rates. The President has yet to produce a serious budget that would prevent this crisis, and the Senate has failed to pass any budget for 784 days. This leadership deficit fails to inspire confidence and contributes to the jobs deficit millions of American families are experiencing today.

“Americans are ahead of Washington’s political class on this issue, and they are demanding leaders who are willing to be honest about the challenges we face. The House of Representatives has passed a budget that averts this crisis. The House-passed Path to Prosperity curbs the explosive growth of government spending, promotes economic growth, and leaves the next generation with a stronger nation. It’s time for leaders to step up, listen to those we serve, and advance real solutions to our greatest fiscal challenges.”

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