Apr 09 2018
Heitkamp Statement on CBO Report Projecting Historic U.S. Deficits under Current Administration, Largely due to Republican Tax Bill
Senator Reinforces Need for Balanced Budget Amendment, which she has co-sponsored every Congress she has been in the Senate
WASHINGTON, D.C. – U.S. Senator Heidi Heitkamp today issued the following statement after the U.S. Congressional Budget Office (CBO) projected that the deficit and national debt will significantly increase over the next several years, in large part due to the Republican tax bill which the report now estimates will cost $1.8 trillion. The report states that because of the rising debt, “The likelihood of a fiscal crisis in the United States would increase.” The report shows that by the end of the next decade, the federal debt as a percentage of our economy will exceed levels not seen since World War II.
“It’s an unfortunate truth that this generation inherits from our parents and borrows from our children. I refuse to allow that to continue,” said Heitkamp. “Since before joining the U.S. Senate, I’ve called for Congress to pass a balanced-budget amendment to keep our fiscal house in order – and I’ve cosponsored such legislation each Congress. As Congress spends, it needs to assess how those funds will yield returns in the long-run while protecting Medicare, Medicaid, and Social Security – programs which provide critical support for families, children, and seniors. Unfortunately, this CBO report shows that our country is on a historic and downward fiscal path that is not sustainable and risky for the future of the U.S. The federal government needs to be responsible in how it spends money, and I’ll continue to look for ways that provide long-term investments in American families and their futures while also providing long-term savings – like by investing in medical research, ending the opioid epidemic, or protecting retirement security. Congress and the administration can’t keep putting trillions of dollars on a credit card for our children and grandchildren without a plan to pay for it.”
CBO forecasts that the United States budget deficit will permanently exceed $1 trillion starting in 2020 and United States debt will rise to more than $33 trillion in 2028. The CBO report states, “The deficit that CBO now estimates for 2018 is $242 billion larger than the one that it projected for that year in June 2017” and that such increases are “mainly” because of the Republican tax bill.