01.20.16

Senator David Perdue: CBO Projections Should Be Wake-Up Call For Washington

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Budget Committee, released the following statement after the Congressional Budget Office (CBO) issued a summary of The Budget and Economic Outlook: 2016 to 2026, which projects more debt and less growth over the next decade:

“Yesterday’s CBO projections should be a wake-up call for Washington. This is another reminder that our country’s debt crisis is well past the tipping point. Last month, interest rates increased a quarter of a point, which can cause our interest payments to spike by almost $50 billion.

“With nearly $19 trillion in debt and over $100 trillion in future unfunded liabilities, each American family is responsible for nearly $1 million of this debt. Even more concerning, if interest rates were to rise to the 50-year average of 5.5 percent, the interest on the debt would amount to over $1 trillion annually, more than twice what is currently spent on national defense.

“We can fix our national debt crisis and the broken budget process, but Washington’s business as usual mindset must stop now. It is time for politicians to stop putting political interests above national interests and finally adopt four words American families say all the time: we cannot afford it.”