Today, the Congressional Budget Office (CBO) released their 10-year budget forecast:
Speaker Pelosi on the report:
Today's CBO report is a clear reminder of the Bush and Republican Congress-era policies that have resulted in the loss of millions of jobs, led to the worst recession since the Great Depression, and turned record surpluses under the Clinton Administration into record deficits.
Since coming to power in January 2007, the New Direction Congress has abided by the strict 'pay-as-you-go' budget rules that created surpluses in the late 1990s and had been cast aside in Washington in recent years. We want to make this standard law by sending Majority Leader Steny Hoyer's statutory PAYGO legislation to the President's desk, taking a critical step toward ensuring fiscal discipline for the long term.
Last year, Congress not only passed a budget that slashed the projected deficit in half over the next four years, but we also passed spending bills that invest in initiatives that work and include more of the President's spending cuts than our Republican predecessors. In the coming days and weeks, we look forward to examining the details of the President's proposed spending freeze and budget. We will work together to determine the best path forward for our fiscal health and to grow our economy.
As we keep working to reduce the deficit, we recognize the need to create good-paying jobs and put our economy on the road to recovery. To bring our economy back from the brink, Congress passed the American Recovery and Reinvestment Act — funding some 2 million jobs so far, cutting taxes for 95 percent of working Americans, and keeping teachers in our classrooms and police officers and firefighters on our streets. In December, the House approved the Jobs for Main Street Act, increasing credit for small businesses and putting Americans to work rebuilding our roads and bridges — and paying for these critical investments by redirecting TARP funds from Wall Street to Main Street.
Years of irresponsible choices — along with policies that favored corporate interests over working families — will not be reversed in a single month or year. But with smart investments, tough choices, and urgent action, Congress and the President will establish the building blocks for jobs, growth, and opportunity for all Americans.
CBO Director Douglas Elmendorf will be testifying tomorrow before the House Budget Committee on CBO’s budget and economic outlook. You can watch the live webcast starting at 10am EST on the Budget Committee’s website»