Braun Fears Federal Bankruptcy Based Off Latest CBO Spending Report

Source: Kevin Dietsch / Getty

WASHINGTON — The Congressional Budget Office has released a report that shows continued economic projections of government spending outpacing the amount of revenue the government is taking in.

This is a troubling trend for Sen. Mike Braun, who spent a fair amount of time questioning the CBO chairman in a Senate hearing on Tuesday.

“The cutting of taxes started many, many years ago without adjusting spending,” Braun said to the Senate Budget Committee. “To me, it looks like the data is all there that if we don’t want to keep borrowing from our kids and grandkids, we need to choose and prioritize what we are spending here.”

The CBO projects that the national debt will continue to increase over the next ten years, which CBO chairman Dr. Phillip Swagel called “daunting” given the size of the economy. His report expects the government to keep spending at well over 20-percent of the country’s GDP with government revenues staying below that through 2034.

Overall, the budget office expects the country’s deficit to grow by more than $2.1 trillion over the next ten years. At the moment the federal deficit sits at $1.9 trillion.

It said a lot of what has added to the country’s deficit in recent years has been “emergency supplemental appropriations” that provided $95 billion for aid to Ukraine, Israel, and countries in the Indo-Pacific region.

“This to me looks like we end up with something like a Chapter 11 in the real world,” Braun said of the numbers. “Which means sooner or later you have to get our spending in line with our revenue.”

Braun also recommended that the government find ways to cut government spending within the realm of healthcare.

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