Van Hollen Announces New CBO Report – Sequester Will Cost Up to 1.6 Million Jobs by End of FY 2014
Today Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, issued the following statement on the new report from the nonpartisan Congressional Budget Office (CBO). It shows that if Congress fails to replace the sequester, the American economy will likely lose almost 1 million jobs, and up to 1.6 million jobs, by the end of FY 2014:
“This report puts a clear price on failure to replace the across-the-board cuts in the sequester: up to 1.6 million fewer jobs by the end of FY 2014. While we’ve made important economic progress in the last few years, it is indefensible that Congress would impose self-inflicted wounds on our still-recovering economy – especially while so many families are still struggling to make ends meet.
“This report is particularly timely in light of President Obama’s call for Congress to focus on growing the economy for the middle class. It’s time for Congressional Republicans to put politics aside and work with us on finding a balanced approach to replace the sequester. Together with my Democratic colleagues, I have tried seven times to get a simple vote on our plan to replace the sequester. Each time, House Republicans have blocked a vote. We should immediately go to budget conference to negotiate a final deal that stops these damaging cuts, boosts job growth, and reduces our long-term deficit. American families are counting on us.”
To read the full analysis, which was in response to a request from Congressman Van Hollen, click here.