Stephanie Young, 202-225-3130
WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement today after the Congressional Budget Office released their long-term budget outlook:
“This morning’s report by the nonpartisan Congressional Budget Office reaffirms what most economists already know: our long-term budget picture is not sustainable, which is why we need to build on the deficit reduction we have already achieved, and revenue must have a place in any successful solution to bring our deficits down over the long term. The CBO’s findings demonstrate that tax cuts passed this January will cause our debt to grow as a share of the economy even when considering the substantial savings achieved due to the Affordable Care Act and the Budget Control Act. Every bipartisan commission has told us that a spending-cuts-only approach to deficit reduction will not take us where we need to go.
“As I have said repeatedly over the past few years, any responsible approach to deficit reduction, in order to set our nation back on a sound fiscal path, must be big and balanced. Revenues must be on the table, and I hope that Democrats and Republicans can set our differences aside and instead work in a bipartisan and responsible way to achieve the compromise necessary to reduce our deficits, begin paying down our debt, and restore the certainty to our economy that will help us create jobs and grow opportunities.”