North Michigan News

Last week, the Congressional Budget Office (CBO) released its February 2024 Budget Baseline, which projects America's fiscal trajectory for the next ten years. According to the CBO, the gross federal debt is expected to grow by $20 trillion, reaching a staggering $54.4 trillion. The government is also projected to spend $82.7 trillion over the same period, with $51 trillion allocated to mandatory spending alone.

The release of the CBO's budget baseline has prompted several members of the House Budget Committee to express their concerns and call for immediate action. Congressman Jack Bergman, Chair of the House Budget Committee Oversight Task Force, highlighted the disastrous impact of "Bidenomics" on the nation's finances. He emphasized the urgent need to address Washington's spending problem to prevent a fiscal descent that could result in a crash landing.

House Budget Committee Chairman Jodey Arrington lauded the positive impact of Republican-led efforts to reduce spending on America's fiscal outlook. He acknowledged that while the debt trajectory remains unsustainable, the debt ceiling deal to reduce discretionary spending has strengthened the nation's balance sheet. Chairman Arrington stressed the importance of providing a check on expensive executive actions, reforming health care and welfare entitlement programs, and reining in the bloated federal bureaucracy to ensure economic security for future generations.

Congressman Rudy Yakym, Chair of the House Budget Committee Budget Process Reform Task Force, echoed the sentiment that Republican-led policies to reduce spending have improved the fiscal situation. However, he warned that the long-term outlook is a flashing red warning sign of the Biden Administration's reckless overspending. Yakym emphasized the need to restore fiscal responsibility to safeguard the American Dream for millions of citizens.

Congressman Michael C. Burgess, Chair of the House Budget Committee Health Care Task Force, acknowledged Joe Biden's reckless executive spending but reaffirmed House Republicans' commitment to fiscal responsibility. He highlighted the positive impact of the debt ceiling agreement on the nation's economic stability and stressed the importance of working towards a brighter future for future generations.

Congressman Ralph Norman expressed deep concern over the Biden administration's policies and their impact on the nation's fiscal house. He noted that the CBO Baseline projects a staggering $52.4 trillion debt by 2033, an insurmountable number. Norman, as a grandfather of 17, stressed the importance of addressing the fiscal crisis and warned of dark times ahead if the crisis remains uncontrolled.

Congressman Blake Moore highlighted the success of House Republicans in forcing the Biden administration to agree to lower federal spending levels. He attributed the projected 10% reduction in discretionary spending over the next decade to the Fiscal Responsibility Act passed last summer. However, Moore recognized the need for further action to address unsustainable spending on net interest, as it threatens other crucial investments in the workforce and communities.

Congressman Josh Brecheen commended Chairman Arrington's leadership in emphasizing the need for serious reforms to solve America's debt crisis. He echoed the call for urgent action to address the nation's fiscal health.

Congressman Chuck Edwards emphasized the positive impact of upholding fiscal responsibility on America's economic outlook. He praised the Republican-led debt ceiling deal and stressed the importance of responsible budgeting to avoid skyrocketing national debt. Edwards warned that if left unchecked, President Biden's policies could lead to a national debt of $82 trillion within the next decade.

Congressman Lloyd Smucker highlighted the fiscally irresponsible nature of President Biden's policies and called for urgent action to change the nation's fiscal trajectory.

The CBO's February 2024 Budget Baseline has served as a wake-up call for members of the House Budget Committee, who are sounding the alarm on America's growing debt and unsustainable spending. They are urging Congress to take immediate and decisive action to address Washington's spending problem and ensure a brighter economic future for the nation.