On the recordJanuary 28, 2020
I thank the gentleman for yielding. Earlier today, the Congressional Budget Office released its updated budget and economic outlook for the next decade. This report once again confirms that, despite the economic expansion he inherited, the fiscal outlook has worsened since President Trump took office. Under President Trump, deficits have risen to heights not usually seen outside of recessions and major world wars. They have increased every year, an unusual trend given that deficits tend to fall as unemployment rises. In fact, the deficit in 2019 was the highest since 2012, when we were recovering from the Great Recession and the unemployment was 8 percent, more than double today's rate. As a result of these deficits, the national debt has climbed higher and faster than CBO projected at the end of the Obama administration. Perhaps we shouldn't be surprised. After all, this is the same President who proclaimed just last week, ``Who the hell cares about the budget?'' The record is clear that he doesn't. On their face, these fiscal facts might not be so concerning if one forgets about the multitude of deficits we face in the real economy: crumbling infrastructure, skyrocketing healthcare costs, widening student achievement gaps, warming climate, lower life expectancy. In light of these and other problems, it is difficult to escape the conclusion that we should be making bolder investments in American families and our Nation's future.…
