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Banks Says CBO Report Should Be Concerning to All Americans

Press Release

By: Jim Banks
By: Jim Banks
Date: March 30, 2017
Location: Washington, DC
Issues: Economy and Fiscal Government Budget and Spending

Congressman Jim Banks (IN-03) issued the following statement regarding a report released today by the non-partisan Congressional Budget Office (CBO) projecting that our country will face steadily increasing federal budget deficits and debt over the next 30 years:

"Today's CBO report should be deeply concerning to all Americans. The harsh reality is our country's current fiscal trajectory is simply unsustainable. The only way to address this looming crisis is to make tough choices now to tackle out-of-control federal spending and rebuild our fiscal foundation."

In its "2017 Long-Term Budget Outlook," CBO states:

At 77 percent of gross domestic product (GDP), federal debt held by the public is now at its highest level since shortly after World War II.
If current laws generally remained unchanged, growing budget deficits would boost that debt sharply over the next 30 years.
The prospect of such large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges.


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