Boyle Statement on June 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) updated June 2024 Budget and Economic Outlook. Compared to CBO’s previous forecast, the report showed that CBO expects stronger real GDP growth of 2.0 percent in 2024 and lower unemployment at 3.9 percent in 2024.
“Today’s report once again shows that our economy is leading the world and defying expectations,” said Ranking Member Boyle. “Inflation is falling, manufacturing construction is at an all-time high, unemployment is near record lows, and more than 15 million jobs have been created under President Biden. Let’s not forget: when Democrats held the levers of power, we made historic investments in the American people through the American Rescue Plan, the Inflation Reduction Act, the Bipartisan Infrastructure Law, and the CHIPS and Science Act. When Republicans were in power, they passed a deficit-busting $2 trillion tax cut for the ultra-wealthy and corporations.”
“While corporate executives got a windfall, American workers got thrown under the bus — and now the same politicians who added trillions to the deficit with unpaid-for tax cuts want you to believe cutting Social Security and Medicare benefits is necessary to reduce our debt. Even as today’s forecast shows the fiscal fallout caused by the GOP’s tax cuts for the wealthy, they’re attempting to further blow up the deficit by spending $4 trillion extending the Trump Tax Scam. The American people aren’t buying MAGAnomics — and while Republicans will keep pushing their tired, ‘trickle down’ schemes, Democrats will keep fighting to lower costs and invest in America.”
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