News Release



Spratt Statement on New CBO Budget Outlook

FOR IMMEDIATE RELEASE
January 26, 2010

WASHINGTON – House Budget Committee Chairman John Spratt (D-SC) issued the following statement on the budget forecast released today by the Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2010 to 2020.

“Today’s report from CBO confirms that the recession inherited from the Bush Administration continues to erode the budget’s bottom line, and that the economic rescue efforts needed to spur the recovery have had an impact as well. Economists agree that it is a mistake to balance the budget in the midst of a recession, and a healthy economy provides a critical foundation for building a fiscally sustainable future. But these projections are another reminder that as the economy recovers, it is critically important to take steps to address the long-term budgetary challenges our nation is facing. For example, the Congress should consider changes to budget rules, such as the adoption of statutory pay-as-you-go rules. And I am encouraged that the Obama Administration announced last night its commitment to restraint in domestic discretionary spending.”

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