Article: BUDGET COMMITTEE CHAIRMAN SPRATT ISSUES STATEMENT ON CONGRESSIONAL BUDGET OFFICE'S UPDATE ON BUDGET AND ECONOMY

The House Budget Committee issued the following statement:

House Budget Committee Chairman John Spratt (D-SC) issued the following statement on today's publication of the Congressional Budget Office's outlook on the budget and economy."Today's estimates from the Congressional Budget Office (CBO) provide the latest evidence of the fiscal legacy of Republican policies: record deficits accompanied by a weak economy.

"President Bush took office in 2001 with our economy moving in the right direction. We had enjoyed four consecutive years of budget surpluses, unemployment was a low 4.2 percent compared to the current 6.1 percent, and debt held by the public had been declining steadily since 1998. ...

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