New CBO Report Underscores More Work Needed on Budget Deficits

Washington, D.C. – Steve Bell, senior director for economic policy at the Bipartisan Policy Center, issued the following statement following the release of the Congressional Budget Office’s re-estimate of President Obama’s FY2017 budget:

“CBO announced today that President Obama’s most recent budget, if implemented in its entirety, would reduce deficits by $2.4 trillion over the next 10 years. While such deficit reduction would be welcome progress, it is still insufficient to put our budget on a sustainable trajectory. CBO estimates that under the president’s budget, the national debt relative to the size of the economy would still be more than double its historical average. As BPC noted when the president’s budget was first released, further reforms to taxes and federal entitlement programs are necessary to adequately address our fiscal challenges.

“We hope that when the next president takes office, she or he begins their administration by offering a budget plan that includes comprehensive tax and entitlement reform that reduces deficits both in the 10-year window and beyond. Policymakers cannot continue to kick the can down the road by suffocating our national defense and other critical investments in our future instead of making hard choices that will truly address the problem.”

Steve Bell is available for comment.