Hoyer Statement on the Congressional Budget Office's Long-Term Budget Outlook
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today after the Congressional Budget Office released their report on the long-term budget outlook:
"Today's Congressional Budget Office report on the long-term budget outlook ought to serve as a warning that Congress must work in a bipartisan way to put America's fiscal house in order. While we have made progress on reducing deficits after investing to recover from the depths of the recession, demographic trends and compound interest cannot be ignored in the long-term. With the debt on course to reach 150% of GDP by 2047, the status quo is unsustainable. Democrats and Republicans are going to have to come together and make the tough choices necessary to achieve long-term sustainability in order for the next generation to have the flexibility to pursue their own economic future.
"As we consider reforming our tax code, it would be a mistake to think that it will help address our fiscal challenge if it relies on the discredited supply side mantra that tax cut pay for themselves. Likewise, with 21% of our budget projected to be devoted to interest payments on the debt alone by 2047, attention must be paid to how we best invest in our national priorities and our people. Revenues and spending must both be part of the discussion when it comes to putting America back on a sound fiscal path so that we can afford our investments in growth and opportunity. I will continue to urge Republicans to sit down with Democrats and work in good faith to meet our long-term fiscal challenges."