CBO Report Highlights How the President’s Policies Are Crushing the Middle Class
Washington D.C. – House Majority Whip Kevin McCarthy (CA-23) released the following statement regarding the Congressional Budget Office’s (CBO) Budget and Economic Outlook:
“Since taking the majority, House Republicans have made great progress in restraining the President’s previously unchecked spending binge, illustrated in the CBO’s latest report on our national economy and budget. However, the report also finds that Washington spending over the long term is still on an unstable trajectory, projecting that the deficit will reach above $1 trillion by 2022, and that Obamacare alone will add $1 trillion to the deficit. Until the President and Senate Democrats get serious on the long-term drivers of the debt and deficit, we’ll be right back where we started just a few short years ago.
“The CBO also projects that the President’s healthcare law will have devastating effects on our economy – it significantly reduces wages, cuts employees’ hours and 2.5 million Americans will lose their jobs. Hardworking middle-class families already face skyrocketing premiums, unaffordable deductibles and more restrictive plans under Obamacare. With lower wages, less hours, or worse the loss of their jobs, how are families going to afford coverage? In short, today’s CBO report undercuts any claim by the President that his policies are helping to expand middle-class opportunity and growth – it’s doing the exact opposite.
“We’ve made great strides in this Republican House to end the President’s four year streak of $1 trillion+ annual deficits, while also working to get Americans back to work. We know the President’s agenda has failed and is crushing the middle class. The House Republican agenda this year will focus on how best we empower the middle class, expand opportunity and economic mobility. We hope the President and Senate Democrats join us in this alternative agenda because their policies clearly aren’t working.”