Ranking Member Yarmuth’s Statement on CBO’s Budget & Economic Outlook
Washington, DC—Kentucky Congressman John Yarmuth, Ranking Member of the House Budget Committee, issued the following statement on the release of the Congressional Budget Office’s Budget and Economic Outlook:
“Today’s report shows the remarkable progress we’ve made. Eight years ago, President Obama inherited a record deficit and the weakest economy since the Great Depression. Today, our deficits have been cut by more than half and we have a healthy economy backed by 75 consecutive months of job growth. We need to build on that progress, but Republican Leadership continues to demonstrate that they are committed to moving us backward and leaving American families behind.
“This morning, Budget Committee Republicans are holding a hearing supporting their effort to repeal the Affordable Care Act without any replacement plan. Their blindly partisan actions come despite encouraging reductions in health care cost growth we have seen since its enactment and reports that a full repeal of the health law would end health coverage for 32 million Americans, add $350 billion to the deficit and eliminate 3 million jobs.
“Fundamentally, the Republican approach to our fiscal outlook is to give deep tax cuts for wealthy individuals at the expense of American families while squandering the resources we need to tackle the deficit and other needs. Today’s report reminds us that this is a wrong—and dangerous—approach.”