WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Congressional Budget Office issued the January 2009 “Budget and Economic Outlook,” forecasting a record deficit of $1.2 trillion for 2009 and an unemployment rate above 9 percent in 2010:
“The projected numbers released by the CBO today are a dismal final verdict on the economic policies pursued by the Bush Administration. After eight years in office, President Bush is leaving President-elect Obama record deficits and a broken economy with millions of unemployed Americans and millions more struggling to make ends meet. If President Bush’s policies were continued, we would be faced with $8.4 trillion deficits over the next decade. These deep fiscal and economic problems being left behind will not be solved quickly or painlessly. Both will require hard choices and years of work to repair.
“Today’s CBO report makes it clear that without a sound economy, these record deficits will only continue to grow. That is why Congress’ top priority is to pass an economic recovery package to create jobs and restore our economy. We must then make the tough choices needed to reduce the debt and return our nation’s budget to balance.”