(Washington, D.C.) – The Congressional Budget Office reported yesterday that the federal government’s out of control spending will add significantly to the debt over the next 10 years. While economic growth is likely to be higher in the wake of the enactment of the Tax Cuts and Jobs Act, government spending is expected to grow by an average of 5.5 percent each year over the next ten years. Additionally, economic growth is projected to slow if tax cuts are allowed to expire, and if government debt continues to rise. This news comes as policymakers in Washington consider whether to enact a package of rescissions to federal spending – which would reduce federal spending from previously approved levels.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“Americans are taxed enough, without having to bear the cost of wasteful federal spending. Congress and the White House should use the budget process to identify unnecessary federal spending every year, and come together to prevent the waste of scarce federal dollars. This is particularly true when federal spending and deficits are projected to increase every year. The national debt isn’t growing because Americans are taxed too little. It’s growing because Washington spends too much. Rescinding some of that wasteful spending is a good first step, and lawmakers in Washington should work to eliminate unnecessary spending and reduce the deficit as they begin work on next year’s spending bills.”