WASHINGTON, DC—Joint Economic Committee Chairman Dan Coats (R-Ind.) issued a statement regarding today’s “Update to the Budget and Economic Outlook: 2015 to 2025” by the Congressional Budget Office (CBO), which estimated that under current law, growth in federal spending will significantly outstrip growth in revenues over the next ten years:
“Today’s CBO report confirms that the current path of federal spending is unsustainable. Over the next decade, CBO projects an additional $8 trillion will be added to our national debt. Federal spending on Obamacare subsidies will increase sevenfold by 2025.
“Additionally, this report suggests the overall health of our economy is worse than CBO’s original forecast. The looming debt crisis we face is an anvil hanging over our economy, hindering American job creators and hurting American workers. CBO’s revised projections highlight the stark reality that if we do not work together on a real debt-reduction agreement, we will eventually face an economic catastrophe.”