Washington, DC — Today, the nonpartisan Congressional Budget Office (CBO) released a summary of its annual budget and economic outlook. The report, issuing a forecast through 2026, projects slower economic growth and the return of growing deficits. CBO lowered their economic growth forecast for 2016 from 3.1 percent to 2.7 percent and estimates that the deficit will rise to $544 billion. Over the ten year budget window, CBO projects that the debt will increase by over $9 trillion and that GDP growth will slow to a lackluster rate of 2 percent.
In response to this report, Ways and Means Chairman Kevin Brady (R-TX) released the following statement:
“While President Obama continues to tell a rosy story about the economy, this report from Congress’ nonpartisan budget experts paints a much different picture. Unless we change course, Americans’ paychecks will be squeezed even further to cover even more of Washington’s wasteful spending. Instead of accepting President Obama’s anemic recovery, we must support policies that grow our economy, decrease our debt and help more Americans get back to work. Ways and Means Committee members will continue to develop policies that kick start our economic engine and ensure our country lives up to its full potential.”