WASHINGTON – House Budget Committee Chairman Steve Womack issued the following statement after the Congressional Budget Office (CBO) released its annual Budget and Economic Outlook, often referred to as the “baseline.” CBO’s baseline report provides the agency’s economic and budget projections for 2018 to 2028. In the congressional budget process, this report is used as a neutral benchmark when the Committee considers the effects of policy options and ultimately sets topline spending numbers in the budget resolution.
“With receipt of CBO’s annual Budget and Economic Outlook, the House Budget Committee can soon proceed with writing the budget resolution for fiscal year 2019,” said Chairman Steve Womack. “Each year, this report sheds light on our nation’s current fiscal challenges and guides us in mapping out a sustainable path for the future. Without question, we have challenging work ahead. It is particularly sobering that mandatory spending continues to grow at such an unsustainable pace, making it even more difficult to achieve balance. I look forward to discussing CBO’s findings with Dr. Keith Hall later this week and working with my colleagues in the days ahead to craft a responsible budget plan.”
Chairman Womack and members of the Committee will conduct a hearing on CBO’s Budget and Economic Outlook report with CBO Director Dr. Keith Hall on Thursday, April 12, 2018, at 10:00 am. Live stream will be available here.