Your Washington Desk
From Senator David Perdue
Senator David Perdue Calls For Sense of Fiscal Urgency
U.S. Senator David Perdue (R-GA) today released the following statement on the Congressional Budget Office’s Budget and Economic Outlook, which concludes that our $18 trillion debt will skyrocket to over $27 trillion over the next decade:
“I didn’t come to Washington to sit idly by as lawmakers in both parties pretend the deficit is shrinking and that our national debt is not a concern. We have a genuine fiscal crisis on our hands. We’re already handing our kids and grandkids a national debt of over $18 trillion and tens of trillions of dollars of unfunded liabilities for entitlement programs. The latest CBO report shows that the deck is stacked to get even worse.
“We need a sense of urgency to seriously tackle our national debt because of the threat it poses to our economy and national security. We need to break from the budget gimmicks and spending tricks that have been used by both parties in the past and finally balance our budget before it’s too late. We need to inject some honest accounting and real transparency into how we spend taxpayer dollars.
“As a member of the Budget Committee, I look forward to working with both my Senate colleagues and House Budget Chairman Tom Price in the pursuit of a budget that reflects the tough decisions necessary to eliminate wasteful spending, prioritize our resources, and grow the economy.”
Key Findings from the Budget and Economic Outlook:
• Real GDP growth will average just 2.3 percent annually over the next 10 years – below the historical average of 3.3 percent.
• Annual deficits are projected to begin rising again and will skyrocket to $1.1 trillion by 2025.
• Spending on Social Security, Medicare, and Medicaid will each nearly double over the next decade.
Click here to view the full CBO report.