Budget deficit to rise more than one trillion FY12 & increase trillions more in years to come
CBO: BUDGET DEFICIT TO RISE MORE THAN ONE TRILLION FY12 & INCREASE TRILLIONS MORE IN YEARS TO COME
More Liabilities, Higher Unemployment Projection Demands Immediate Action
Arlington, VA – This morning, the Congressional Budget Office [CBO] released its annual report, which unfortunately, yet predictably, states that the budget deficit will increase to $1.08 trillion in 2012, and the jobless rate will increase to 8.9 percent by the end of 2012 and 9.2 percent in 2013. The report also shows that the deficit will grow by trillions more in the years to come and the rising amount of debt will constrain the ability of elected officials to respond to national challenges and crises as they arise.
Gretchen Hamel, Executive Director of Public Notice, said the following:
“Today’s report makes clear what the American people have been telling Washington for years: the current rate of spending is irresponsible and unsustainable. We cannot continue to add trillions to the federal deficit and expect to grow jobs and have enough money left over to meet the needs of the country.
“The fact that the report shows we will be less able to protect our nation or respond to a national crises in the future due to the reckless and careless actions of politicians today should be deeply disturbing to everyone. The lunacy must stop now. Real reforms are required if there is any hope we can move toward a path of fiscal sanity and sustainability.”
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Public Notice is an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing the facts and insights on the affects public policy has on American’s financial well being.