Boyle Statement on 2024 CBO Baseline

WASHINGTON, DC — Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, issued a statement following the release of the Congressional Budget Office’s (CBO) Budget and Economic Outlook: 2024 to 2034:

“America’s economy is the strongest in the world — and today’s CBO report shows that American families will continue to benefit from falling inflation, steady job creation, and sustained economic growth. Our post-COVID economic recovery is the envy of other developed nations, our growth is outpacing peer economies, inflation has dropped sharply in the last year, and nearly 15 million jobs have been created since President Biden took office. None of that was achieved by accident — it happened because Democrats took swift action to rescue our economy, invest in working families, rebuild our infrastructure, and bring manufacturing back to America.”

“Compare what Democrats have delivered for families over the last three years to the failure that is MAGAnomics. Today’s report reminds us just how devastating the GOP’s obsession with deficit-financed tax cuts for millionaires and billionaires has been to our fiscal health. Combined with Bush’s tax cuts for the rich, the previous administration’s tax breaks for the wealthy and well-connected added a staggering $10 trillion to the debt. Their deficit-busting tax cuts failed to deliver on their lofty promises, and economic growth during Donald Trump’s first three years in office pales in comparison to the historic growth and job creation delivered by President Biden.”

“Now, the same politicians who blew up the deficit with giveaways to the ultra-rich would have the American people believe that devastating cuts to Social Security and Medicare are necessary to reduce our debt — even as they work to make it easier for the wealthy to cheat on their taxes. I look forward to comparing the GOP’s failed agenda with President Biden’s vision for continuing our historic economic progress in his upcoming budget. This is a nation of possibilities — and House Democrats will never stop fighting to expand opportunity, lower costs, and protect Social Security and Medicare.”

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