Last week,
the non-partisan Congressional Budget Office (CBO) released its 2012 Long-Term
Budget Outlook, which makes projections regarding our nation’s future spending,
revenues, deficits, and debt.
In its
report, the CBO projects that as a result of growing health care costs and an
aging population that will increase Social Security, Medicare, and Medicaid
spending, our country will face unsustainable debt growth if we continue on our
current path. It concludes that by the end of this year, the federal debt could
reach roughly 70 percent of gross domestic product (GDP), the highest percentage
since shortly after World War II.
This report
makes one thing clear: to continue to ignore this country’s debt crisis
threatens our economy, our standing in the world and our national security. Our
debt crisis didn’t start four years ago – it’s been decades in the making. The
“my way or the highway” approach and partisan bickering that has come to define
this Congress clearly isn’t working and it must change. Congress must be
willing to work together, listen to each other and the American people to get
the job done.
Since I
first came to Congress in 2001, I have been sounding the alarm on federal
spending and our national debt. Federal spending has ballooned out of control
and the federal government has made too many promises it can no longer afford.
We must stop
the out-of-control spending in Washington and begin reducing our skyrocketing
national debt. If we allow our national debt to reach 70 percent or more of
GDP, our nation could see higher interest rates, higher taxes, a reduction in
government benefits and services, and the increased probability of a sudden
fiscal crisis—further crippling our struggling economy. Congress cannot allow
this to happen. It must commit itself to putting this country back on a path to
balanced budgets and long term fiscal sustainability.
The roadmaps
to achieve this goal are plentiful and bipartisan. In fact, as a leader of the
fiscally conservative, Democratic Blue Dog Coalition, I helped draft the “Blue
Dog Benchmarks of Fiscal Reform,” which would cut the deficit by $4 trillion
over ten years, stabilize the debt and reduce the size of government. These
benchmarks were based on the Fiscal Commission Report, but there are other
large, bipartisan plans that achieve the same goals. The ideas are out there.
Now we just need to prove that Congress has the political will to do what’s best
for America.
It’s been
done before. During the Clinton Administration, Congress passed a balanced
federal budget and gave us a budget surplus. Though the budget surpluses didn’t
last long after President Clinton left office, the experience taught us that by
working together in a bipartisan manner, it is possible to get our fiscal house
back in order. It was done then and it can be done again.
I have
always stood ready and willing to work with both sides to pass bipartisan,
commonsense legislation that reins in deficit spending and gets our economy back
on track. And as a fiscal conservative, I will continue to be a moderating voice
in this debate, bringing everyone to the table as we find commonsense ideas that
help us return to the days of a balanced budget and a stronger
economy.
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