WASHINGTON – Congressman Jeb Hensarling (R-Texas) – chairman of the House Financial Services Committee and formerly the number two Republican on the House Budget Committee under now Chairman Paul Ryan – issued the following statement regarding the Congressional Budget Office’s (CBO) release of its annual Budget and Economic Outlook:
“While the Obama Administration may believe that it has ‘acted with great fiscal responsibility,’ there is mounting evidence to the contrary. The latest jobs report shows unemployment remains stymied. The latest economic growth report shows the economy is shrinking. Now we receive word through today’s CBO report that our nation is continuing down the path to national bankruptcy, as this year’s deficit is projected to be $845 billion, and our publicly held debt continues to rise and set post-war records as a share of the economy.
“President Obama may believe these reports reflect a healthy economy, but hardworking American taxpayers know better. While the Democrats who run Washington may be content to continue doing the same things over and over again while hoping for different results, House Republicans will put forth a budget that offers common sense solutions that address our spending-driven debt crisis and restore fiscal sanity to Washington so that we may pass onto our children and grandchildren the same economic freedom and security our parents and grandparents gave to us.”