Ross: Dismal CBO Budget, Economic Outlook is Further Evidence of Need for PAYGO
Today, Rep. Mike Ross (D-AR), Blue Dog Co-Chair for Communications, released the following statement in response to the Congressional Budget Office’s outlook on the budget and economy.
“The Congressional Budget Office (CBO) now estimates the 2008 deficit at a staggering $407 billion. As dismal as this is, if we continue the Republican legacy of unrestrained deficit spending, our budget and economic outlook will only worsen. If we do not pay for temporary relief of the Alternative Minimum Tax (AMT) or the extension of expiring energy, business, and individual tax incentives in the near term, we will be looking at a projected deficit of over $500 billion for the first time in U.S. history.
“The House continues to do the fiscally and morally responsible thing by paying for our priorities. Yet, over and over, we continue to run up against a wall of Republicans in the Senate who would rather pass an insurmountable amount of debt onto their children than make the tough decisions necessary to restore fiscal discipline to the government today.
“Abiding by PAYGO is not easy, but we have to make the tough decisions now. The Blue Dogs’ commitment to restoring fiscal responsibility to government has never been stronger, and we are resolved to continue in our role as the fiscal police of Congress until we have restored the fiscal and economic security of this nation.”