CBO Report: Federal Debt Will Overtake Economy in 2011

A new report by the Congressional Budget Office (CBO) points to a dire fiscal future.

“According to this CBO report, our federal debt will overtake the size of the entire U.S. economy this year.  Three programs—Medicare, Medicaid, and Social Security—are the primary drivers of this crushing burden of debt,” Rep. Rob Woodall (R-GA-07) said in a released statement.

“For years, politicians have chosen to ignore the fact that these are in dire need of reform.  We cannot put this problem off any longer,” he added.

Woodall reiterated his support for the Republican’s 2012 budget proposal, also known as “The Path to Prosperity.”

“This plan not only drives down wasteful government spending, but it also provides responsible reforms to our entitlements,” Woodall said.

Woodall vowed to continue working with congressional colleagues to “produce viable, fiscally responsible solutions that will put Americans back to work and restore this nation’s place as a leader in the global marketplace.”

On June 23, Woodall, as a member of the House Budget Committee, will hear testimony from Director of the CBO Douglas Elmendorf.

“I look forward to sharing my concerns about the fiscal future of this country with Mr. Elmendorf.  Tomorrow’s hearing should undoubtedly be a spirited discussion,” Woodall said.

Woodall’s 7th Congressional District includes all of Barrow and Walton counties, most of Gwinnett County, and portions of Forsyth and Newton counties.