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Ryan: CBO Report Is a Warning of the Challenges Ahead

“The CBO’s report is yet another warning that we need to get spending under control. The deficit is still unsustainable. By 2023, our national debt will hit $26 trillion. We can’t let that happen. We need to budget responsibly, so we can keep our commitments and expand opportunity.

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The President and Senate Democrats need to get serious about spending.

WASHINGTON—The Congressional Budget Office released its Budget and Economic Outlook, which projected an $845 billion deficit for fiscal year 2013. In response, House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement:

“The CBO’s report is yet another warning that we need to get spending under control. The deficit is still unsustainable. By 2023, our national debt will hit $26 trillion. We can’t let that happen. We need to budget responsibly, so we can keep our commitments and expand opportunity.

“Unfortunately, the President has yet to produce a budget—in violation of federal law. And Senate Democrats haven’t passed a budget in nearly four years.

“This isn’t a partisan issue. It’s math. Unless the President and the Senate offer a credible plan to close the deficit, we will have a debt crisis—and the country will suffer.

“House Republicans have offered their solutions. Now the President and Senate Democrats must do the same.”

CBO’s Key Findings

  • The CBO projects an $845 billion deficit for fiscal year 2013.
  • In 2023, the federal government will collect twice as much revenue as it did in 2012. Even so, the deficit will hit $978 billion.
  • The CBO projects the total debt will rise by $10 trillion by the end of the budget window (debt held by the public will rise by $8.7 trillion). By 2023, total debt will equal $26 trillion.
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