From: SenateRepublican_BudgetPressOffice@budget.senate.gov Subject: CBO Data: U.S.

Per Person Debt On Track To Triple In A Generation Date: Wed, 6 Jun 2012 18:03:54 +0000

June 6, 2012 For Immediate Release Contact: Stephen Miller, Andrew Logan: 202.228.0575

The Congressional Budget Office yesterday released its long-term outlook for the U.S. federal budget. The nonpartisan agency warned Congress of continued inaction to address our dangerous debt levels, saying that waiting to address the long-term budgetary imbalance

and allowing debt to mount in the meantime would be detrimental to future generations. Despite the growing warnings, it has now been more than 1,100 daysover three years since the Senates Democrat majority brought to the Senate floor a budget plan from their party for the nations financial future. For the past two years the Budget Committee has not even been allowed to meet to mark up a budget resolution. CBOs data also revealed (all figures in real dollar terms): Over the next 20 years, high debt levels will lower the U.S. cumulative economic output by roughly $21 trillion. By 2037, the federal government will spend $2.7 trillion per year in interest payments alone, representing more than a quarter of our entire budget that year and greater than the total federal budget in 2003.

Each familys share of the federal debt will climb to $382,000 over the next 25 years, an additional $287,000 compared with todays levels. By 2025, mandatory health care spending, Social Security, and interest costs will consume 100 percent of revenues.

CBO also warned that growing debt would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the governments ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates.

###