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"Debt will eclipse the size of our entire economy within a decade”

The BPC’s Steve Bell, Senior Director of the Economic Policy Project, released a statement on the latest Congressional Budget Office (CBO) report detailing the nation’s long-term budget outlook. Bell pairs reality with optimism for the future:

“Many of our leaders have been hoping that if they avoid the difficult decisions for long enough, the problem will fix itself – today’s numbers once again disprove this theory. Our national debt continues to rise at an unprecedented and unsustainable rate. Spending remains near its highest point as a percentage of the economy over the past 60 years, while revenues similarly remain near their lows. Clearly, this mix of fiscal policy is impossible to maintain.

Amid all of the doom and gloom contained in this report, however, there have been recent signs of hope. Not only have the president’s fiscal commission and BPC’s Debt Reduction Task Force released two bipartisan, comprehensive blueprints to prevent our nation’s approaching debt crisis, but members of Congress have begun to do the same. Deficit reduction seems to be gaining political traction on the Hill – a rare occurrence in these polarized, partisan times.”

 

Read the full statement here.

2011-06-22 00:00:00

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