WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Congressional Budget Office released their long-term budget outlook:
“Today’s Long-Term Budget Outlook from the nonpartisan Congressional Budget Office confirms that our budget is on a dangerously unsustainable course. That course was exacerbated by the debt-financed irresponsibility of the Bush Administration, as well as the costs of the deep recession it left behind. What can we learn from this report on our country’s fiscal future?
“First, we can’t make the mistake of overreacting to deficits before our economy has recovered. Just as the recession helped to create today’s deep debt, continued joblessness will only make our long-term fiscal picture worse.
“Second, today’s report reemphasizes the importance of the president’s bipartisan fiscal commission. It is essential that the commission produce, and Congress vote on, a balanced, politically-feasible compromise to address our structural deficit, which would be implemented after the economy has recovered.
“And third, the CBO has once again pointed out that health insurance reform will reduce our deficit significantly this decade, and even more in the decade to follow. But that projection will only hold true if Congress follows through, as it must, on the important measures to contain costs.”