Sign up to receive email updates
Gosar: Congressional Budget Office confirms the passage of the Budget Control Act puts the country back on the path towards fiscal sustainability.
For Immediate Release: August 25, 2011
Contact: Hannah Loy 202-225-2315
Gosar Statement on the New Budget Outlook Report following Congress’ Passage of the Budget Control Act
Congressional Budget Office confirms the passage of the Budget Control Act puts the country back on the path towards fiscal sustainability
Flagstaff, AZ –Congressman Paul Gosar (AZ-01) issued the following statement regarding the non-partisan Congressional Budget Office’s new budget forecast following the passage of S.365, the Budget Control Act of 2011:
“The CBO confirms what many of my Congressional colleagues and I have been saying since we first came to Congress: The current rate of spending and deficits are unsustainable. The federal government is running at a $1.3 trillion deficit this year alone, which is the third largest since World War II. The growth projections are low, and unemployment is projected to remain high, above 8% until 2014. This report confirms how important a balanced budget amendment will be to getting our spending under control and reducing these deficits.”
“In the report, the CBO explained that ‘under current law, federal tax and spending policies will impose substantial restraint on the economy in 2013.’ It is simply unacceptable that the biggest ‘restraint on the economy’ is the current ‘federal tax and spending policies.’ I have fought to change the way Washington works from the first day I was sworn in as the Representative of Arizona’s First Congressional District, and remain committed to change the status quo which stifling economic productivity.”
There is, however, good news in the CBO’s report. It concludes that due to the recently enacted Budget Control Act of 2011, these crippling deficits will decrease from 6.2 % of GDP in 2012 to 1.2 % of GDP between 2014 and 2021.
“I was one of only two votes from the Arizona delegation to the House of Representatives to vote for this Act. Already, however, we see the impact it will have in reducing our deficits and growing our economy. The CBO touts the Budget Control Act of 2011 as fundamental to its assumptions of deficit reductions. While the compromise legislation was not exactly what I wanted to see implemented, it is clear its passage begins to put our country back on track.”
Throughout the recent debt ceiling debate, Congressman Paul Gosar continually stated that allowing the United States to default was not a fiscally responsible option. Concurrently, he made clear he would not support any proposal to increase the debt ceiling that did not make significant fiscal reforms and put the country back on a path towards fiscal sustainability.
On August 8th, Congressman Gosar issued his weekly column explaining his yes vote on the Budget Control Act. That column can be found here. For more information on Congressman Gosar’s positions related to the national debt, taxes, and the economy please visit here.