WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell released the following statement today after the Congressional Budget Office warned that the debt will increase an additional $10 trillion by 2023 under the President’s economic policies:

“During the President’s first term the national debt increased by nearly $6 trillion. The Congressional Budget Office warns today that under current Obama Administration policy, the red ink will increase by another $10 trillion by 2023. Government spending is completely out of control and it’s past time for the President and Senate Democrats to drop their poll-tested gimmicks -- such as raising taxes on airplanes and energy production -- and join Republicans in seeking real solutions to control runaway spending and debt. We need serious solutions because if we can't get a handle on spending and debt soon, we may never regain the kind of vibrant economy the American people expect and deserve.

“Real progress can only happen if Washington is ready to put the gimmicks aside and get serious about the challenges facing my constituents in Kentucky and Americans across the country – especially Washington’s spending problem.”