News Column

Portman Statement on the CBO's Budget and Economic Outlook

February 4, 2014

Washington, D.C. - Today, U.S. Senator Rob Portman (R- Ohio ), a member of the Senate Finance and Budget Committees, issued the following statement on the release of the Congressional Budget Office's (CBO) new budget and economic outlook: "Today's troubling CBO report confirms what we already know - Obamacare is bad for jobs and hurts middle-class Ohio families, costing the equivalent of 2.5 million jobs in the next decade. "During a time of record debt, this report also shows that entitlements, especially Obamacare, continue to escalate rapidly, perpetuating Washington's reckless pattern of passing the problem to the next generation and mortgaging the future of Ohio's children and grandchildren. Even as individual income tax revenues reach the highest sustained level in American history, soaring spending is projected to bring back $1 trillion deficits within eight years. President Obama inherited a $3 trillion budget, yet CBO now projects annual spending will reach a staggering $6 trillion a decade from now. "It's time to take serious steps to get our fiscal house in order, and repealing and replacing Obamacare with proposals that actually reduce costs and increase competition is a good first step." Read this original document at:

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Congressional Documents & Publications

Story Tools