Merkley Statement on CBO’s 30-Year Budget Projection

Republicans’ Budget Bill Will Add a Mountain of Debt to This Projection

WASHINGTON, D.C. – The Congressional Budget Office (CBO) released new projections showing what the economy and federal budget would look like over the next 30 years, with the debt growing to 156 percent of GDP if no action is taken to address the national debt. U.S. Senator Jeff Merkley (D-OR), Ranking Member of the Senate Budget Committee, released the following statement.

“Today’s projections show our nation’s debt will continue to rise if Congress does not act. But what are Congressional Republicans planning to do? They want to use a ‘current policy baseline’ budget gimmick to add $37 trillion to our national debt over the next 30 years – all so their millionaire and billionaire friends, like Elon Musk, can skirt paying their fair share of taxes. Congressional Republicans have lost their minds when it comes to deficit reduction. They clearly made promises during the last election – unfortunately, those promises were to their rich friends, and not to hardworking Americans. The Republican budget proposal is the Great Betrayal of working families, which will yield predictable results: families will lose, and billionaires will win,” said Ranking Member Jeff Merkley.

CBO’s projections can be found HERE.

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