Congressman Rick Larsen's Online Office

Washington, D.C. — Rep. Rick Larsen (WA-02) issued the following statement concerning the House Budget Committee’s hearing on budget projections for fiscal years 2010 through 2020 released by the Congressional Budget Office (CBO).

“Today’s report by the Congressional Budget Office (CBO) sends a strong message to Congress that we must act now to ensure a long-term, sustainable budget for America’s future.

“While the CBO projections show that our economy is recovering, it also outlines several challenges facing our country. In fiscal year 2010, the federal budget will show a deficit of $1.3 trillion. This deficit reminds us that we must take action to tackle our long-term budgetary challenges.

“The good news is that the deep recession that led us into this financial crisis has slowed considerably. After shrinking for four consecutive quarters, the economy returned to growth in the third quarter of 2009, growing at 2.2 percent.  The CBO projects that this growth will continue at 2.5 percent for 2010, which is the strongest growth our nation has seen since 2006. CBO credits the ARRA with helping the economy to turn around.

“The bad news is that our deficit is still unsustainably high. In order to build a foundation for economic growth, we must address the nation’s long-term budgetary challenges. To do this:

•    I am a cosponsor of the SAFE Commission Act.  This legislation is designed to address the unsustainable imbalance between long-term federal spending and projected revenue shortfalls.
•    I support the pay-as-you-go provision, which requires Congress to offset spending with savings elsewhere in the budget.
•    I support efforts like President Obama’s recently proposed commitment to reign in domestic discretionary spending.  
 
“The best path to a long-term, sustainable budget is to get our economy moving again. There are clear signs that the Recovery Act is spurring economic growth and creating jobs, but more needs to be done. I will continue to work hard on the Budget Committee to rebuild our economy, create jobs, and ensure a long-term, sustainable budget.

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