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WASHINGTON, DC - FreedomWorks calls for Congress to address the looming issue of entitlement reform in the wake of today’s CBO report, The 2018 Long-Term Budget Outlook. The report is a stark reminder that the US is headed for fiscal catastrophe if substantial reforms are not addressed soon.
Jason Pye, FreedomWorks Vice President of Legislative Affairs commented:
“Today's CBO report is another reminder of just how dire America's long-term fiscal situation is. The federal debt held by the public as a percentage of GDP is expected to double in the next 30 years from 75 percent to 150 percent, as interest on the debt and spending on interest on the debt and mandatory programs continue to crowd out the federal budget. This type of debt growth relative to the size of our economy is unsustainable and brings our country ever closer to default, imperiling our country both domestically and abroad."
"Although Republicans and Democrats spend much of their time arguing over discretionary spending, most ignore mandatory spending, which includes entitlement programs like Medicaid, Medicare, and Social Security. These programs are primary drivers of budget deficits and the national debt, and their contributions will continue to grow deficits and debt over time.”
“This is the most predictable crisis America has ever faced. The White House and Congress can't continue to kick the can down the road on entitlements. Congress must make entitlement reform a priority. Otherwise, the more these programs grow unchecked, the fewer dollars Congress will have to ensure the prosperity of American citizens and defend the country against new threats."