Senator Cornyn on CBO Report: Nation is Drowning in Debt

The Congressional Budget Office (CBO) projected yesterday that the annual deficit will double over the next 10 years, despite recent attempts by President Obama to claim credit for reducing spending:

Behind the façade of President Obama’s shrinking deficit fueled by higher taxes is a national debt growing so fast that every child born comes into the world owing nearly $56,000.

It’s nothing short of brazen for the President to try and claim credit for reducing spending when in reality he’s added more than $7 trillion to our national debt since taking office. Our nation is drowning in debt, and sadly the folks truly hurt by this legacy will be society’s most vulnerable and our children and grandchildren who will be left with the tab.

All 44 of my Republican colleagues and I have previously introduced a Balanced Budget Amendment to the Constitution to cap spending and set limits on taxes, ensuring that government does not spend more than it takes in. Key findings from today’s CBO report include:

• The annual deficit is expected to double by 2024, approaching $1 trillion.
• Total debt has more than doubled as a percent of GDP since 2007, and is projected to exceed the size of the economy before 2040. 
• Spending for many government programs continue to grow faster than inflation.