WASHINGTON – U.S. Congressman Jeb Hensarling, Chairman of the House Republican Conference, issued the following statement today regarding the long-term budget analysis released by the Congressional Budget Office and its implications for our economy and job creation. 

 

“The report that our record-high debt will surpass our economy by the year’s end is more terrible news for job creators, job seekers, and future generations of Americans who will spend their lives paying off the bills we’re sending them. With government spending on course to make up 33 percent of our economy by 2035—a 70 percent increase compared to the 20 percent post-World War II average—time is running out to put the nation on a desperately-needed new fiscal trajectory.

 

“By any historic standard, this nation ought to be back to work by now, but reports like today’s show why we are not. On top of this crushing level of debt, unemployment has been above 8 percent for 28 straight months—the longest jobless streak since the Great Depression. It’s no wonder the top three credit ratings agencies have issued warnings about our debt being so high, and entrepreneurship is at a 17-year low.  

 

“These are exceedingly tough times for the American people, but unfortunately things will not get better until we confront and control our out-of-control debt. In President Obama’s first term alone, the CBO predicts that our public debt will have increased by nearly 84 percent. America is experiencing a severe deficit of jobs and a severe deficit of economic certainty, all caused by a severe deficit in fiscal leadership.  

 

“There has never been a more urgent time to stop spending money we don’t have. As yet another summer of non-recovery wares on, Republicans will stay solidly committed to spurring job creation, reviving our economy, and preserving the American dream for our children and grandchildren.”