February 17, 2023

A Week in Review: CBO Baseline Sounds Alarm on Democrats' Egregious Spending

This week, the Congressional Budget Office (CBO) released their latest Budget and Economic Outlook report, commonly referred to as the baseline. CBO’s baseline shows that out-of-control spending by the Biden administration and Democrats during just two years of one-party rule has exploded the national debt to unprecedented and truly unsustainable levels. The national debt is now projected to increase from $24.3 trillion in 2022 to $46.4 trillion by 2033.

WHAT OUR MEMBERS ARE SAYING ABOUT IT:

House Budget Committee Chairman Jodey Arrington (R-TX), said of the report:

“Today’s report from the non-partisan CBO shows the damage of Democrat spending on the national debt is worse than we thought.

“The new Congressional Budget Office report is a clear indication that Biden’s socialist policies and single-party Democrat rule has caused an unprecedented explosion in federal spending over the last two years – 21% higher than projected when Biden took office. Biden’s numerous bailouts and massive government expansion disguised as COVID relief has blown out spending and exacerbated our debt disaster. As a result, the federal debt will grow by over $22 trillion over the next 10 years.

“House Republicans must rein-in the unbridled spending and restore fiscal sanity in Washington before it’s too late.”

Congressman Josh Brecheen (OK-02) said of the report:

“These numbers are a siren, warning the American people to get our fiscal house in order. The CBO is projecting that our national debt will increase by an additional $22 trillion over the next 10 years with average annual deficits expected to be $2 trillion. At our current trajectory, we will be spending almost $3 trillion above what we bring in revenue at the end of this 10-year window and our annual interest payments on the debt will exceed total spending on national defense. We must course correct as economic security is key to our national security.”

Congressman Ben Cline (VA-06) said of the report:

Congressman Ralph Norman (SC-05) said of the report:

“This year, your federal government will spend $1.4 trillion more than it takes in through tax revenue. That’s our deficit: $1.4 trillion for just this year. For my liberal friends who believe we should tax our way out of this problem, your individual share of this year’s deficit is $4,000 … on top of the taxes you already pay. You can send your extra $4,000 payment for this year’s deficit to the IRS as soon as you’d like.”

Congressman Lloyd Smucker (PA-11) said of the report:

Congressman Ron Estes (KS-04) said of the report:

"The CBO just announced the national debt will hit $46,000,000,000,000 by 2033. Interest alone will cost taxpayers $1.4 trillion that year. Federal spending is 21% higher than projected since Biden took office just two years ago. This sobering report is why we must rein in the massive, unrestrained trillions of dollars in new spending that Democrats have pushed over the last two years."

Congressman Rudy Yakym (IN-02) said of the report: