Hultgren Reacts To Disturbing Reports from Federal Reserve, CBO
Washington, D.C. – U.S. Rep. Randy Hultgren (IL-14) today released the following statement after the disturbing news that the Federal Reserve has downgraded its outlook for the US economy. Also today, the Congressional Budget Office (CBO) released its new report on the future of the federal budget.
“The twin reports from the Federal Reserve and the CBO are stark reminders that the threat posed to our nation by the current fiscal crisis is not an isolated event; instead it is limiting economic growth at a time when millions of Americans are seeking work,” said Hultgren. “So long as Washington continues its out-of-control and unsustainable binge of borrowing and spending, job creation and investment will stagnate. Entrepreneurs and job-creators are terrified not only of the debt we face today, but of the threat it poses to them in the form of higher interest rates and higher taxes.
“The CBO’s report today contained dire warnings for policymakers and the American public, and it underlined the fact that we must act quickly to restore our nation to fiscal health if we are to minimize the damage to our economy.”