CBO Re-estimate Confirms Serious Consequences of President’s Unserious Budget

Chairman Ryan on President’s Path to Debt and Decline

WASHINGTON – Earlier today, the non-partisan Congressional Budget Office (CBO) released an analysis of President Obama’s Fiscal Year 2013 budget request. CBO’s analysis estimates next year’s budget deficit would be $76 billion higher than the President claimed.

In response to CBO’s analysis, House Budget Committee Chairman Paul Ryan issued the following statement:

“Today’s analysis serves as a disappointing reminder of this administration’s broken promises and failed leadership when it comes to averting the most predictable economic crisis in our history. It confirms that the President’s budget is not serious about spending reduction – his budget calls for over $1 trillion in net spending increases. It confirms the President will not fulfill his promise to cut the deficit in half by the end of his first term – after four straight deficits in excess of $1 trillion, CBO estimates next year’s deficit will be even higher than the President claims. And it confirms that the President’s budget accelerates our nation toward a debt crisis — despite his claims to stabilize the debt, his budget increases debt held by the public by over 11 percent over the next decade and his own budget admits that the government’s fiscal situation ‘deteriorates’ in the years ahead.

“When it comes to our generation’s greatest challenges, the President refuses to take accountability or demonstrate much-needed leadership. By contrast, the House Budget Committee will advance a budget next week that restores spending discipline, tackles the drivers of our debt, and makes good on the fundamental American promise: ensuring our children inherit a stronger America and greater opportunities than our parents gave us.”

CBO’s analysis of the President’s FY2013 Budget can be found online at: http://cbo.gov/publication/43083

House Budget Committee’s recent analysis of the President’s budget can be found online at: /News/DocumentSingle.aspx?DocumentID=281946