Report Projects Lower Deficits and a More Positive Outlook Thanks to
House Republican Provisions in the Budget Control Act

WASHINGTON – Congresswoman Renee Ellmers released the following statement from her office in Washington this afternoon:

 "This morning, the Congressional Budget Office released their latest report on the economic challenges facing our country while showing the effects that our recently passed Budget Control Act would have on future deficits and spending. The stark warnings given by the CBO must be taken seriously and that is why my Republican colleagues and I have been fighting everyday to put our fiscal house in order and save our economy from the financial ruin that economists across the country have warned of for years now. We are proud that our actions have led to a decrease of now $3.2 Trillion in the ten year projection but more has to be done."

 "We are engaged in a war on spending that started years before this crisis and will be waged for years to come. This current conflict over the national debt is the latest battle in the spending war that can and must be won. I am proud to support my Republican colleagues in this fight and will continue to fight each and every day to cut spending, protect job creators, and give Americans the resources to make our economy prosperous again."

 Key facts from the CBO Budget and Economic Outlook Update: 

• Fiscal year 2011 will mark the third straight year with deficits in excess of $1 trillion.
• Over the near term, the debt held by the public continues to increase, equaling roughly three quarters of the economy in 2013.
• Approximately two-thirds of the limited improvement in the baseline fiscal outlook stems from the enactment of the Budget Control Act, which will reduce spending by $2.1 trillion over the next decade.
• CBO locked in its economic forecast in early July before the most recent spate of negative economic news. Still their forecast shows sluggish economic growth - GDP is only expected to increase by 2.4 percent this year and by 2.6 percent in 2012 - and persistently high unemployment over the medium-term.
• Unemployment remains well above 8% into 2014.

 Click here to read the full update from CBO:http://cbo.gov/doc.cfm?index=12316

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For more information, please visit Congresswoman Ellmers’ website at www.ellmers.house.govor call (202) 225-4531.

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