Van Hollen Statement on CBO January 2012 Budget and Economic Outlook
Jan 31, 2012 -
Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, issued the following statement on the Congressional Budget Office’s (CBO) updated Budget and Economic Outlook, released today.
“This morning’s release of the Budget and Economic Outlook from the non-partisan Congressional Budget Office serves as an important reminder that while our economy is gradually recovering from the worst recession since the Great Depression, we still have much work to do to create jobs, tackle the deficit, and return the budget to a long-term, fiscally sustainable path. It is clear that part of the progress we’ve made so far is due to the pro-growth policies championed by Congressional Democrats and President Obama, and now is not the time to turn back the clock or return to the policies that got us into this mess in the first place.
“However, the country still faces serious budget and economic challenges. Our first priority remains putting Americans back to work – it is not only the best way to boost economic growth, but it is the fastest, most effective way to reduce the deficit. The CBO report also underscores the need for continued efforts to strengthen the economy. Congress can do that by providing a payroll tax cut to 160 million working Americans and extending unemployment insurance to those who are out of work through no fault of their own. We also need to pursue a balanced approach to long-term deficit reduction. I look forward to working with my colleagues to enact meaningful legislation that will create jobs, support working families, and keep the economy strong while putting the budget back on track.”