Washington, D.C.—Today, Senate Budget Committee Chairman Patty Murray (D-WA) released the following statement on the Congressional Budget Office’s (CBO’s) latest Budget and Economic Outlook.
“Today’s CBO outlook confirms that the economic recovery remains fragile and we can’t afford to lose focus on job creation and economic growth. I hope this nonpartisan economic analysis will push my Republican colleagues to finally end the political brinkmanship that has hurt the economy and to work with us on a fair and pro-growth budget plan.
“The CBO outlook makes it clear that, while we still have more work to do, the $2.4 trillion in deficit reduction we enacted over the last two years has moved us closer to stabilizing the debt and responsibly scaling back the deficit. We need to continue working to cut spending responsibly, protect and strengthen programs like Medicare, and raise revenue by closing tax loopholes that the wealthiest Americans and biggest corporations take advantage of. But it’s important to remember that we are building on work that has taken us much of the way toward the ten-year deficit reduction goals recommended by bipartisan groups like Simpson-Bowles and the Gang of Six.
“The outlook also highlights the danger to the economy if sequestration takes effect as scheduled on March 1st. It’s clear that sequestration is an irresponsible way to reduce the deficit, and I hope that Republicans are truly willing to work with us on a balanced and bipartisan replacement that doesn’t place the entire burden on the middle class and most vulnerable families and that calls on the wealthy to pay their fair share.”