Texas Border Business
Washington —Congressman Henry Cuellar (TX-28) released the following statement in response to the 2018 Long-Term Budget Outlook report released yesterday by the non-partisan Congressional Budget Office (CBO) released. According to the CBO, federal debt held by the public will approach 100 percent of gross domestic product (GDP) within the next 10 years and 152 percent of GDP by 2048—far surpassing any amount of debt our country has ever held.
The national debt is currently more than $21 trillion. Every American man, woman, and child holds a share of about $64,423 of the national debt. The CBO estimates that the United States will have to spend the same amount of money on interest payments as it does on Social Security by 2048—making interest payments the single largest government program by 2050.
“This report is truly alarming, and it should bring about a point of reckoning in Washington when it comes to our nation’s fiscal sustainability,” said Rep. Henry Cuellar. “It is past time for Republicans and Democrats to prioritize fixing our nation’s debt rather than treating it as an afterthought. If this isn’t fixed in a real way, every American will feel even more repercussions. They’ll see higher interest rates on their credit cards, mortgages, car loans, and student loans. It will diminish private investment in our country. We’ve got to come together to do something about this.”
