“The Democrats’ out-of-control spending is running up our debt and hurting our economy”: Hern reacts to new CBO scores

WASHINGTON, DC –Representative Kevin Hern (OK-01) released the following statement regarding the CBO report released today. 

“The CBO today confirmed what I have been saying for a long time: the Democrats’ out-of-control spending is running up the national debt and hurting our economy,” said Chairman Hern. “I believe that we as a country cannot continue down the path of fiscal insanity that we are on today. The Biden Administration wants to tax and borrow its way out of their spending and debt epidemic, but the reality is when the government spends more, the American people have less. While President Biden continues to turn a blind eye to inflation, higher interest rates, economic uncertainty, and insolvency of America’s trust funds, House Republicans are rolling up our sleeves to do the hard work to balance our budget and get our economy back on track.”

Background Information

According to CBO’s newest Budget and Economic Outlook: 2023 to 2033, Americans can expect “much weaker [economic] growth…for 2023 than it did last May.” It predicts “[o]utput growth [will] come[] to a halt in early 2023 in response to the sharp rise in interest rates.” As a result, unemployment will rise to 8.5 million people in the beginning of 2024, per CBO, an increase of nearly 3 million people. This comes in the wake of higher interest rates used to rein in the historic inflation that has taken place under President Biden. CBO projects the annual federal deficit will more than double from $1.375 trillion last year to $2.85 trillion in ten years while debt held by the public is projected to reach nearly 120 percent of GDP by 2033. This would be the highest level ever recorded. 

The Budget and Economic Outlook: 2023 to 2033 (Full report found here.)