With U.S. debt set to exceed GDP, Burchett again calls for Congress to get government spending under control
KNOXVILLE, Tenn. (Sept. 4, 2020) – Earlier this week, the independent Congressional Budget Office (CBO) reported U.S. public debt will be larger than gross domestic product (GDP) by 2021. The CBO also found the federal budget deficit will be $3.3 trillion in 2020.
U.S. Representative Tim Burchett (TN-02), reacting to the CBO’s report, called it troubling for U.S. public finances and stressed that Congress should account for these projections in future spending.
"The CBO’s fiscal outlook points to an unstable economic future and that should concern every American,” said Rep. Burchett. “Without a budget and continued financial mismanagement in Congress, we are mortgaging the future of our economic health."
Rep. Burchett also said now is an appropriate time for the federal government to enact the Reforming America’s Fiscal Toolkit Act (RAFT Act). This bipartisan legislation authored by Rep. Burchett would amend Congressional budget procedures to ensure U.S. public debt remains lower than GDP.
"Federal bureaucrats going on a spending spree to enact a political agenda during an economic downturn is totally inappropriate,” Burchett said. “The RAFT Act would put a stop to this looming financial crisis and make sure the government isn’t spending more than it can afford. Washington’s spending priorities need to change.”
The full report from the Congressional Budget Office is available here.