Natalie Gonnella
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With the CBO predicting total US debt to overtake the size of the country's entire economy within a year, GOP lawmakers had a lot to say this morning.
Frustrated with Democrats' obstinate disregard for much needed spending reforms, here's a quick look at what a number of Republican freshmen had to say about today's CBO projections:
This CBO budget outlook further shows that out country is on an unsustainable fiscal course, with massive deficits and unrestrained federal spending. This dismal long-term outlook underscores my concerns that the president hasn't put forth a responsible plan to address our nation's fiscal future, and my colleagues across the aisle haven't even proposed a budget for the coming year. Our country has been operating without a budget for 784 days now, and it's clear that neither the president nor my colleagues across the aisle have a plan to tackle Washington's spending problem.
One week after the anniversary of President Obama’s recovery summer, Nevada’s unemployment rate is at 12.1%. Despite numerous recent reports that our debt and deficit are severely burdening our economy, some in Washington want to spend even more. Washington needs to learn what Nevada families already know –we must stop spending money we don’t have
If small businesses were held to the same standard as the United States’ government, they would be out of business in less than a month. Today’s report is troubling and should send yet another wake-up call to Washington- enough is enough, now is the time to rein in spending, cut red tape, and start putting America back to work. Taxpayers have no more money to give and those who are out of work have no more time to wait.
If we continue with the status quo, our national debt will devour our entire economy. We must slow down the growth of government.
Three years ago, our nation’s debt was basically equal with the 40 year average in terms of GDP; by the end of this year it will be at the highest rate since shortly after World War II. The CBO projects by 2035, if our spending habits go unchanged, the interest payments on our debt alone will be almost nine percent of our GDP, an increase of 536 percent. For comparison, that is roughly twice what we spend today on Social Security.
How much more time does the President need to acknowledge his policies are not working?
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