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OMB Letterhead

September 9, 2008
Contact: OMB Communications, 202-395-7254

Statement by OMB Director Jim Nussle on CBO Deficit Projections

Washington, DC — “The release today by CBO is consistent with OMB’s projections and reinforces the need to promote economic growth and get the budget back on a path toward balance – by controlling spending, keeping the tax burden low, and continuing pro-growth policies.”

“While these estimates are on track with our projections for FY08, the policy assumptions to extend the war and emergency supplementals, and ignore the President’s tax relief are unrealistic.”

“The recent increase in the deficit is the result of the slow economy and the bipartisan decision to enact a stimulus package.  Driving down the deficit and balancing the budget is achievable if we help the economy grow by keeping spending in check.”

“The President put forth a responsible spending plan but Congressional Democrats are seeking to add billions in extra spending to the regular appropriations bills.  Especially during this period of economic slowdown, taxpayers should be able to keep money in their pockets instead of sending it to Washington in order for lawmakers to tax and spend.”