WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement after the Congressional Budget Office issued their analysis of the President’s budget outline:
“The Congressional Budget Office’s analysis of the President’s budget blueprint shows larger deficits than those upon which the President’s budget was based. This new forecast was expected as a result of how quickly the economy has weakened. President Obama’s budget blueprint remains a remarkably honest one, which accurately accounts for the cost indexing the alternative minimum tax, Medicare doctor payments, and two wars. While the economy is likely to continue to deteriorate for some time, the CBO projects that the recession is likely to end later this year, thanks to the enactment of the American Recovery and Reinvestment Act and very aggressive actions by the Federal Reserve and the Treasury.
“Nevertheless, our nation faces a high deficit, the legacy of eight years of President Bush’s fiscal recklessness, economic decline, and recovery efforts. It is essential that we cut that deficit—and by passing the Obama budget, we can cut it in half by 2013. The budget will help us lower the cost of healthcare, which is one of our greatest fiscal burdens. It will also make the investments in healthcare, energy, and education that are necessary for future prosperity, while spelling out how those investments will be paid for. The Democratic Congress will continue to work with President Obama to craft a budget resolution that responds to the deficit challenge, while following through on the priorities that Americans have expressed so often and so clearly.”