Washington – Earlier today, the Congressional Budget Office (CBO) released its annual Budget and Economic Outlook, projecting that the federal government’s budget deficit will exceed $1 trillion for the fourth year in a row. With the national debt on pace to grow to unsustainable levels in the years ahead, the CBO estimates that economic growth will remain sluggish and the unemployment rate will exceed 9 percent next year.

In response to this alarming report from the CBO, House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement:

“This report from the Congressional Budget Office serves as a harsh indictment of President Obama’s failed policies. With four straight years of trillion-dollar deficits, no credible plan to lift the crushing burden of debt, and a Senate Majority that has failed to pass a budget for over 1,000 days, the President and his party’s leaders have fallen short in their duty to tackle our generation’s most pressing fiscal and economic challenges. By contrast, the new House Majority has fought to put the brakes on the President’s spending spree and continues to advance pro-growth solutions to get our budget on the path to balance and our economy on the path to prosperity.

“I remain committed to building a bipartisan coalition for a principled reform agenda, and I invite the President and Senate Democrats to join our effort. The CBO’s latest alarm bell couldn’t be more ominous. For years, politicians from both political parties have failed to be honest with the American people about the size and scope of the debt threat. The CBO’s report today confirms that it is past time for serious leaders to put aside politics and start forging solutions.”

Key facts from the CBO’s Budget and Economic Outlook:

• Real economic growth is projected to be to 2.2 percent in 2012, falling to 1.0 percent in 2013;

• The unemployment rate is expected to reach 8.8 percent in 2012, 9.1 percent in 2013, and 8.7 percent in 2014;

• The FY2012 budget deficit is projected to equal $1.079 trillion, the fourth consecutive year with the budget deficit above $1 trillion;

• Total debt is projected to reach $16 trillion in 2012, with debt held by the public to eclipse the $11 trillion mark in 2012 (72.5% of GDP);

• Debt held by the public is projected to reach $15.3 trillion by 2022.

To read the full CBO Budget and Economic Outlook: http://cbo.gov/doc.cfm?index=12699 

More:

• To learn more about President Obama’s unprecedented disrespect for responsible budgeting

• To learn more about Senate Democrats’ 1,0007 days without a budget 

• To learn more about bipartisan efforts to save and strengthen Medicare

• To learn more about the House-passed FY2012 budget – The Path to Prosperity