WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today on the new deficit forecast:
“President Obama inherited the major causes of the deficit—including debt-financed tax cuts and an economic crisis from the last Administration—but he has accepted the responsibility to leave our Nation on sounder fiscal footing than he found it. The Recovery Act, even while it added to the short-term deficit, staved off catastrophe and is bringing this recession to an end. And President Obama strongly supports restoring ‘pay-as-you-go,’ or PAYGO, into law to prevent the deficit from getting worse. Today’s Mid-Session Review of the Budget confirms that Congress and President Obama must persist in efforts to bring the deficit under control.
“This summer, the House passed strong PAYGO legislation as a first step toward getting America out of a deep fiscal hole; now, the Senate must pass it as well. But even if that legislation is passed and signed, more action is needed. Congress must reform our entitlement programs to ensure the strength of these programs and our nation as a whole. And because the cost of health care is the single biggest contributor to our deficit, it is imperative that we pass a health care reform bill that brings peace of mind to middle-class Americans, while reducing costs.”