The non-partisan Congressional Budget Office (CBO) released its budget and economic projections for the next 10 years, which predict that under current law, America’s debt will exceed $1 trillion for the fourth consecutive year, and the U.S. will continue to see poor economic growth and continued high unemployment, topping 9 percent next year.
“This report is a very clear economic alarm,” said Rep. Bill Huizenga, MI-02. “It’s time to listen to the American people, the House, and now CBO - we’re in dire straits, and we must act now. The House has offered numerous solutions and ideas to help change these policies. Yet the Senate still hasn’t passed a budget to rein in such outrageous government debt – it’s been 1,007 days, nearly the same four years that we’ve seen more than $1 trillion in deficit spending. The President has failed to lead by example, with no honest plan to help get our country’s economy and employment numbers back on track. When are they going to stop hitting ‘snooze’ on America’s economic security?”
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.
Table 1: CBO's 'Current-Law' Projections of Spending, Revenues, and Deficits, 2012-2022
In Billions of Dollars
2013 - 2022
Debt Held by the Public
As a Percentage of Gross Domestic Product (GDP)
Debt Held by the Public
Source: Congressional Budget Office: The Budget and Economic Outlook
On Monday, I gave a legislative update to the White Lake Area Chamber of Commerce on the challenges our nation faces regarding discretionary & mandatory spending, how the GLRI is improving and protecting our Great Lakes, and how I am working in a bipartisan manner to improve our water infrastructure in Michigan's ports and harbors without adding new spending.
It was also great to be joined by students from Whitehall District Schools and Montague Area Public Schools who are actively engaged in their community and interested in learning how national policy impacts decision-making on all levels.
Congratulations to Ruby Henrickson on winning the 2016 Congressional Art Competition! Ruby, a student at Ludington High School, will now have her piece "Static" put on display in the United States Capitol for the next year! #CAC2016
The high-skilled manufacturing happening in West Michigan is amazing. This morning, I toured Hilite International in Whitehall to see first hand how innovation is leading to increased fuel efficiency, reduced emissions, and more power! Hilite is a great example of the precision and quality that defines #MadeInMichigan!
The Constitution is clear on what authority is granted to Congress and what is granted to the President. I made this point while leading a House Committee on Financial Services hearing on U.S. involvement in multilateral development banks (MDB's) such as the World Bank. Congress and the U.S. Department of the Treasury must hold MDB's accountable to ensure these institutions are efficiently using funding from U.S. taxpayers to advance human rights, improve education initiatives for women, and strengthen economic development.
Today I spoke on the House floor and discussed how vital access to capital is for small business startups like Boxed Water is Better in Holland and how incubation hubs like Start Garden play a critical role in connecting startups with potential capital. This evening the House passed legislation to improve access to capital, strengthen the economy, and create an environment for even greater private sector job creation.