WASHINGTON, DC (LOOTPRESS) – Today, U.S. Senator Joe Manchin (D-WV) released the following statement after the Congressional Budget Office (CBO) published its annual report on the country’s budget and economic projections for the coming ten years.
“The report estimates that our federal debt will reach $54.3 trillion in ten years – about $20 trillion more than it is today. To put that staggering number into context, that essentially means every person in the United States would be responsible for shouldering $162,000 as their share of that debt. This is simply unsustainable for maintaining America’s economic security and leadership on the global stage. Given the enormity of this crisis, continuing to turn a blind eye will only put the American Dream further out of reach for future generations.
“Getting our fiscal house back in order will take serious, bipartisan solutions that demand we put aside political posturing. Senator Mitt Romney and I, along with Representatives Bill Huizenga and Scott Peters, have taken that first step by introducing the Fiscal Stability Act, legislation that would establish a bipartisan, bicameral fiscal commission tasked with finding solutions to strengthen our fiscal health and meaningfully decrease the national debt. This week’s report is an undeniable endorsement of the necessity for such a commission. I urge all of my colleagues to look at these numbers, think about the economic catastrophe we are leaving for our children and grandchildren, and support our legislation.”