Rooney: CBO Report Highlights Need for Bipartisan Action on Jobs, Debt
Washington, DC – U.S. Rep. Tom Rooney (FL-17) issued the following statement after the Congressional Budget Office (CBO) released its latest budget & economic report:
“The nonpartisan CBO report highlights that, unless something changes drastically, our nation’s debt will continue to skyrocket, and the President’ health care law will cause millions of Americans to lose their jobs or see their wages decline. Middle class families, already feeling the crunch of a stagnant economy, high unemployment, and climbing health insurance premiums, simply cannot afford this vision for the country.
“Since taking the House Majority, we’ve made progress in getting spending in check, but we have significant work ahead of us to address to the true drivers of our long-term debt – Social Security and Medicare. If we don’t act, these programs will not exist for our children, who will instead inherit an insurmountable debt. I hope President Obama and the Senate will work with us to save these programs and get our debt under control.
“This report confirms that Obamacare will cost our country 2.3 million jobs, while driving down wages for millions of workers. Who can afford that? In the House, we have passed dozens of jobs bills, many with bipartisan support, to expand opportunities for small businesses to grow and create new jobs. Hardworking Americans are waiting for the Senate to act – it’s time for Harry Reid to schedule votes on those bills. This report highlights the need to work together and help Americans get back to work.”
• The deficit will again top $1 trillion by 2022.
• Interest on the national debt will quadruple over the next decade.
• By 2021, Obamacare will cause a “reduction in full-time-equivalent employment of about 2.3 million.”
• Obamacare “will reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 percent during the period from 2017 to 2024.”
The full report is available here: http://cbo.gov/publication/45010.