Washington, D.C. - Today, the Congressional Budget Office (CBO) released a report on America’s long-term economic outlook.  Among its findings, the report states the federal government’s record budget deficits are the largest (as a share of the economy) since 1945. 

“CBO found that the national debt will overtake the size of the entire U.S. economy this year and called the current economic path of more spending and more debt ‘unsustainable.’   I don’t think it took a team of economists to determine the obvious.  The American people know it, and the White House should know their big-spending policies can’t continue on this path,” said Congressman Walberg

The report also states the current “large budget deficits and growing debt would reduce national saving, leading to higher interest rates, more borrowing from abroad, and less domestic investment—which in turn would lower income growth in the United States.”

“Unless we want to face a Greece-like debt crisis, we must cut spending and allow the private-sector to grow jobs again,” concluded Walberg.