Hoyer Statement on the Congressional Budget Office's Long-Term Budget Outlook
For Immediate Release:
June 26, 2018
Contact Info:
Mariel Saez 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the Congressional Budget Office's report on the long-term budget outlook:
“The Congressional Budget Office’s (CBO) long-term outlook shows for the first time the consequences beyond the ten-year budget window of the Republican-led Congress’s tax breaks for the wealthiest. We already know from CBO that the tax scam will add $1.8 trillion to the deficit over the next decade. Today, the CBO confirmed that revenues are projected lower in the ensuing years, causing debt as a share of the economy to double by 2048, increasing the likelihood of a fiscal crisis that could cripple our economy.
“It is absurd for Republicans to claim that theirs is the party of fiscal restraint; indeed, Republicans in Congress have broken every record on raising deficits and incurring debt. Their blithe adherence to the mantra that tax cuts pay for themselves is driving us toward fiscal catastrophe. Democrats know that sustainable economic growth requires fiscal sustainability as well. Republicans instead delivered tax cuts to the top 1% that worsen our long-term fiscal outlook.”
“The Congressional Budget Office’s (CBO) long-term outlook shows for the first time the consequences beyond the ten-year budget window of the Republican-led Congress’s tax breaks for the wealthiest. We already know from CBO that the tax scam will add $1.8 trillion to the deficit over the next decade. Today, the CBO confirmed that revenues are projected lower in the ensuing years, causing debt as a share of the economy to double by 2048, increasing the likelihood of a fiscal crisis that could cripple our economy.
“It is absurd for Republicans to claim that theirs is the party of fiscal restraint; indeed, Republicans in Congress have broken every record on raising deficits and incurring debt. Their blithe adherence to the mantra that tax cuts pay for themselves is driving us toward fiscal catastrophe. Democrats know that sustainable economic growth requires fiscal sustainability as well. Republicans instead delivered tax cuts to the top 1% that worsen our long-term fiscal outlook.”