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
The A-10's out of Selfridge Air National Guard Base here in Michigan have been an important tool in combating ISIS. They provide critical and precise support in anti-terror operations across the Middle East. The latest GAO audit findings demonstrate how mission critical the A-10's truly are and why I will continue to support their deployment.
The federal government should not prioritize prison labor over hardworking, law-abiding manufacturers, especially when Federal Prison Industries (FPI) fails to meet the necessary safety specifications to keep our troops safe. The U.S. Department of Defense (DoD) should continue to investigate FPI to ensure our men and women have reliable equipment that will perform when they need it the most. Learn more about how I am working to force FPI out of the shadows and protect taxpayers from another multi-million dollar end run!
Last week, a report was issued by the The United States Department of Justice IG's Office detailing how Federal Prison Industries (FPI), which is owned and operated by the federal government and uses labor from inmates, produced faulty military helmets that led to the recall of over 126,000 helmets and cost taxpayers $19 million. It’s bad enough that FPI takes jobs away from hardworking Americans, now it has been proven they cut corners and jeopardized the lives of our men and women in uniform. FPI actively undermines the free market. The federal government should not be using prison labor to manufacture critical lifesaving military equipment when there are private sector options available and law-abiding citizens looking for work. Back in March, I introduced H.R. 4671 - the Small Business Protection Act to shed light on FPI, end their no-bid contract status, strengthen small businesses, and force FPI to compete against the private sector. Read the bill here: http://huizenga.house.gov/uploadedfiles/bill_text_-_hr_4671_-_the_small_business_protection_act.pdf
Thankfully there are no reported injuries from yesterday's devastating storms and tornado. If you are in the Wyoming area and need assistance, the Red Cross will be passing out relief kits that include tarps and other repair items starting at 1PM today at Gladiola Elementary School. The school is located at 3500 Gladiola Ave. SW. Thank you to our community leaders and first responders who have done a tremendous job of clearing roadways, ensuring the safety of west Michigan residents, and keeping the public informed.
Thank you Jill for all of your hard work helping West Michigan residents this summer. I am glad your internship in Grandville further developed your interest in public service. We really enjoyed having you as part of the team. I hope you enjoy your senior year at Grand Valley!