WASHINGTON, D.C. – Ranking Member Steve Womack (R-AR) today issued the following statement after the Congressional Budget Office (CBO) released its annual Budget and Economic Outlook report:
“The release of CBO’s most recent baseline once again confirms what we already know: our nation’s debt and deficits continue to grow, and we are on an unsustainable trajectory. I look forward to discussing our fiscal situation with CBO Director Swagel during tomorrow’s hearing, and I hope that more eyes will be opened to the stark reality we face. In order to practice fiscal discipline, the Budget Committee must first put forward a budget, which did not happen last year and likely will not this year. It is imperative that we put our country on a responsible fiscal path and deliver on our duty to the American people.”
CBO’s Budget and Economic Outlook report provides the agency’s economic and budget projections for the next ten years. In the congressional budget process, this report is used as a neutral benchmark when the Budget Committee considers the budgetary effects of policy options and constructs the annual budget resolution.
The House Budget Committee will hold a hearing on CBO’s Budget and Economic Outlook report with CBO Director Phillip Swagel on Wednesday, January 29, 2020, at 10:00 a.m. EST.