WASHINGTON – House Budget Committee Chairman Steve Womack issued the following statement after the Congressional Budget Office (CBO) released its latest report, The Deficit Reductions Necessary to Meet Various Targets for Federal Debt.
“CBO’s latest report helps us understand the nation’s fiscal challenges in a new way by showing the magnitude of actions necessary to confront the nation’s debt. Without question, mandatory spending continues to be the greatest challenge in reducing annual deficits and ultimately chipping away at the nation’s growing burden of debt,” said Chairman Womack. “In order to slow the unsustainable growth of debt, I am pleased that the House Budget Committee recently approved a budget plan for fiscal year 2019 that would lead to $8.1 trillion in deficit reduction over 10 years.
“While the result of inaction is sobering, I am encouraged that CBO expects that serious long-term efforts to tackle the national debt will lead to a boost in the economy. As the Joint Select Committee on Budget and Appropriations Process Reform continues its work and considers solutions that better serve the American people, CBO’s insight is particularly helpful in those deliberations.”