This week, the Congressional Budget Office released its 2016 Long-Term Budget Outlook showing the national debt rising to 141 percent of the U.S.A.’s GDP by the year 2046 as well as Medicare and Social Security facing an increased threat of insolvency. Unsurprisingly, the CBO’s bleak predictions have left many in Congress concerned over the nation’s fiscal stability, including Georgia’s own Rep. Tom Price, chairman of the House Budget Committee, and Senator David Perdue who sits on the budget committee Senate-side.
In statements obtained from both of their offices, Price and Perdue vocalized their serious concerns with the state of the United States’ economy. Decrying the financial burden at stake for future generations, Price had this to say:
“These debt projections portend a horrible fiscal legacy that is being left to our kids and grandkids with a correspondingly weak economic growth outlook that will mean less opportunity for our nation and its citizens in the years to come.”
Senator Perdue cited a reining-in of spending as a potential step towards solving fiscal instability, explaining that mandatory spending can play a huge role in increasing the debt throughout the next decade. Both members of the Georgia delegation called for a reform to the budgeting process with Price making the argument for a balanced budget and Perdue asserting that the debt cannot be attended to without first fixing the nation’s budgeting methods; however, Perdue still believes that solving the budget process is only one of many steps that are necessary, saying:
“Fixing the budget process alone will not solve the debt crisis…In addition, we have to face up to the reality that the Social Security and Medicare trust funds go to zero in less than 15 years. We have to save Social Security and Medicare. Growing the economy and arresting the spiraling nature of our health care costs are also necessary to save these programs and rein in this out of control debt.”
You can view the full text of Price’s statement here and Perdue’s statement here.