Washington. D.C. – Speaker Nancy Pelosi issued the following statement today on the Congressional Budget Office’s January 2009 “Budget and Economic Outlook.” CBO is projecting a record $1.2 trillion budget deficit for 2009 and unemployment to increase to more than 9 percent early next year.
“Today’s bleak Congressional Budget Office deficit projections reflect the devastating economic policies of the Bush Administration that rewarded a wealthy few while undermining economic opportunity for the majority of Americans.
“While we cannot reverse the economic and fiscal mismanagement of the Bush Administration overnight, Congress is already working with the incoming Obama Administration to create good paying jobs and put America back on a path to fiscal discipline and long-term economic prosperity.
“Congress and the incoming Obama Administration are moving rapidly to pass our American Recovery and Reinvestment Plan that will create jobs; renew and rebuild America; provide tax relief to the middle class and businesses; and help states avoid disastrous cuts to health care and other services that could hurt families.”
