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
Today, Senator Stabenow and I led a bipartisan letter calling on the Army Corps of Engineers to complete an accurate cost-benefit analysis on the Soo Locks. In particular, the Poe Lock is critical to Michigan's economy, the Great Lakes region, and our nation's economy as a whole. We need to make sure the Corps is using a proper and complete analysis when examining the Soo Locks. You can read the letter by clicking the link below.
TOWN HALL UPDATE: On Saturday (Feb. 25th) at noon, I will be hosting the first stop on a listening tour across the Second District to hear from West Michigan residents. Saturday's town hall style event will take place at Baldwin High School. My team and I are working to finalize details surrounding the second stop of the tour that will take place in the southern portion of the Second District in early March. I look forward to a having a respectful dialogue with Second District Residents. For more information, please click the link below.
In Sunday's Holland Sentinel News, I discussed how Congress is working to reset our nation's regulatory structure by using the Congressional Review Act. My legislation (H.J. Res. 41), that was signed by President Trump last week, is an example of how this important legislative tool can be used to grow our economy, and level the playing field for American companies and American workers.
Thank you to everyone who participated in last night's telephone town hall. If you weren't able to join the conversation, you can listen to the tele-town hall by clicking below. If you are a resident of the Second District and would like to sign up for future town halls, you can do so here: https://huizenga.house.gov/forms/form/?ID=1052
A short while ago I finished a telephone town hall with residents of the Second District who were unable to join the conversation last week. Tonight I addressed a variety of issues including Dodd-Frank, health care reform, immigration, preserving social security, Russia, and more! Make sure to sign up at Huizenga.House.Gov to join the next conversation!