FOR IMMEDIATE RELEASE
March 3, 2008
Contact: OMB Communications, 202-395-7254
CBO Analysis Shows President's Budget Balances in 2012
Washington, DC — Today, the Congressional Budget Office (CBO) released its estimate of the President’s FY2009 Budget based on its own economic assumptions and other analysis.
“The President’s Budget continues its substantial investment in the safety and security of the American people, protects 116 million taxpayers from an average tax increase of $1,800, and keeps domestic spending in check. CBO’s analysis shows that this proven formula results in a balanced budget in 2012,” said OMB Director Jim Nussle. “While their estimate shows a deficit in 2013, it is very close to balance - about 0.12 percent of GDP.”
“More importantly, CBO's estimate shows we can balance the budget in the near term while keeping taxes low. That's why I am very concerned by media reports that Congress will propose a budget that increases taxes, which will harm our economy,” Nussle added.
“Furthermore, I’m perplexed by the majority’s insistence on extra spending when this step would jeopardize balancing the budget. It is especially concerning when Congress has shown no sign it intends to meaningfully address the oncoming fiscal train wreck from the unsustainable growth in entitlements,” he concluded.