Hoyer Statement on the Congressional Budget Office's Budget and Economic Outlook
Press Types
Press Release
For Immediate Release:
May 25, 2022
Contact Info:
Margaret Mulkerrin 202-225-3130
WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement on the Budget and Economic Outlook issued by the Congressional Budget Office today:
"Today's Budget and Economic Outlook report from the nonpartisan Congressional Budget Office (CBO) shows the great progress we've made in our economic recovery from the pandemic, with the deficit projected to fall by more than $1.7 trillion, a nearly two-thirds decline. CBO also projects the unemployment rate to continue dropping through next year, despite already improving to pre-pandemic levels a decade faster than they and other forecasters had initially predicted, with a record 8.3 million jobs created since President Biden took office. Additionally, while rising prices are a serious concern to all Americans right now, CBO also projects the rate of inflation to slow by more than half by the end of this year.
“All of this would clearly not be the case if we had not taken emergency actions to confront the short-term challenges that COVID-19 posed over the past two years. It is also clear from this report, however, that the next generation of Americans may not have the necessary resources to weather similar crises in the future and continue investing in opportunities for our people, unless we prioritize long-term fiscal sustainability. Interest payments alone were projected to rise to over $1 trillion per year within the decade even before the pandemic began, spurred by trillions of dollars of debt-financed tax cuts benefitting the wealthiest under Republicans. I hope this report today will provide a renewed urgency to consider the long-term implications of our decision-making as we work to govern responsibly For The People."
"Today's Budget and Economic Outlook report from the nonpartisan Congressional Budget Office (CBO) shows the great progress we've made in our economic recovery from the pandemic, with the deficit projected to fall by more than $1.7 trillion, a nearly two-thirds decline. CBO also projects the unemployment rate to continue dropping through next year, despite already improving to pre-pandemic levels a decade faster than they and other forecasters had initially predicted, with a record 8.3 million jobs created since President Biden took office. Additionally, while rising prices are a serious concern to all Americans right now, CBO also projects the rate of inflation to slow by more than half by the end of this year.
“All of this would clearly not be the case if we had not taken emergency actions to confront the short-term challenges that COVID-19 posed over the past two years. It is also clear from this report, however, that the next generation of Americans may not have the necessary resources to weather similar crises in the future and continue investing in opportunities for our people, unless we prioritize long-term fiscal sustainability. Interest payments alone were projected to rise to over $1 trillion per year within the decade even before the pandemic began, spurred by trillions of dollars of debt-financed tax cuts benefitting the wealthiest under Republicans. I hope this report today will provide a renewed urgency to consider the long-term implications of our decision-making as we work to govern responsibly For The People."