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6/22/2011 - Washington, D.C. – U.S. Rep. Tom Graves (R-GA-09) released the following statement in response to the updated long-term budget outlook released by the Congressional Budget Office (CBO) today:
“By the end of this year, our total debt will overtake the entire economy of the United States. Yet, as we hurdle towards this remarkable failure, President Obama and Senate Democrats continue to call for more spending, more regulation, and costlier government—an economic approach that is a proven failure. As Bloomberg reported today, even forty percent of Democrats now support lower taxes and less spending. Americans want solutions for our economic troubles, and the 14 million unemployed are desperate for the kind of jobs that only come with a stable economy.
“There is one plan that eliminates the threat of another total financial disaster, retains our AAA credit rating, and ensures that employers and entrepreneurs can finance their businesses: ‘Cut, Cap, and Balance.’ This package of spending reforms will slash the deficit in half next year, restrain Congress with strict spending caps, and pass a Balanced Budget Amendment so our nation never again faces debt of this magnitude. This is the only plan being discussed that paves the way for long-term job creation and economic stability, and it needs to be the primary focus of the debt limit negotiations.”
Learn more about Cut, Cap, and Balance here - http://rsc.jordan.house.gov/Solutions/debtceiling.htm
The CBO report states that “Growing debt also would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates.”
Read the full CBO report here: http://cbo.gov/doc.cfm?index=12212