News release from Congressman Marlin Stutzman:
Stutzman Responds to CBO’s New Debt Warning
Congressional Budget Office issues sobering budget outlook
(Washington, D.C., June 5, 2012) – Today, Congressman Marlin Stutzman (IN-03) issued the following statement regarding the Congressional Budget Office’s report, The Long-Term Budget Outlook.
“This morning’s CBO report is another wake-up call to Washington but the Democrat-controlled Senate seems to have hit the snooze button, as they have for the past 1,132 days. The math is inescapably clear. The growing national debt will push us closer to a predictable crisis, unless leaders step up and offer real solutions. My colleagues and I in the house have passed a budget that prevents the kind of crisis CBO detailed today. The Senate hasn’t passed a budget in over a thousand days. If we act now, we can prevent a Europe-like fiasco from hurting our own communities. Outside the Beltway, Americans want solutions.”
In the report, CBO projects that government spending as a share of the economy will expand by nearly 53% by 2037, exceeding its historical average of approximately 20%. Debt owned by the public is on course to surpass GDP shortly after 2022.
Tomorrow, the House Budget Committee will hold a hearing on CBO’s report.
Congressman Stutzman represents the 3rd Congressional District of Indiana and serves on the House Committee on Agriculture, the House Committee on the Budget and the House Committee on Veterans’ Affairs, Subcommittee on Economic Opportunity. Indiana’s 3rd District contains all of DeKalb, Kosciusko, Lagrange, Noble, Steuben, and Whitley counties, as well as parts of Allen and Elkhart counties..