Hoyer Statement on the CBO's Budget Update

For Immediate Release:

August 23, 2007

Contact:Stacey Farnen Bernards
(202) 225 - 3130

 

WASHINGTON - House Majority Leader Steny Hoyer released the following statement today regarding the Congressional Budget Office's release of new budget numbers:

 

"The report released today by the non-partisan Congressional Budget Office (CBO) reaffirms that Republican policies have created deficits as far as the eye can see.

 

"While this year's deficit will be lower than last year's, this is not evidence of a Republican budget success.  It is still a breathtaking $158 billion, and it will climb back up in 2009, with deficits continuing if we follow the President's policies. 

 

"While Republicans will say that an increase in revenues shows their policies are working, in reality, revenues have grown by just 3.9% a year since the Bush economic plan was enacted in 2001, less than half the 8.4% annual growth during the Clinton administration.

 

"The fact that the $158 billion deficit projected for 2007 represents a swing of $730 billion from the $572 billion surplus CBO projected for 2007 when President Bush came into office paints an even starker picture of how Republican budget policies have harmed our nation's finances, and therefore our ability to prosper today and confront challenges tomorrow. 

 

"Democrats have reinstated the pay-as-you-go budget policies that helped usher in the budget surpluses in the 1990s under President Clinton, and we have passed a budget that reaches balance in 2012.  We will continue our efforts to restore fiscal responsibility to Washington."

 
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