George Voinovich: “In addition, just yesterday, the Congressional Budget Office released its report, entitled ``The Long-Term Budget…”

“In addition, just yesterday, the Congressional Budget Office released its report, entitled ``The Long-Term Budget Outlook.'' That report states that, ``projected growth in spending on the federal government's big health and retirement programs--Medicare, Medicaid and Social Security--dominates the long-run budget outlook. If current policies continue, spending is likely to grow significantly faster than the economy as a whole over the next few decades. By 2040, CBO projects those outlays will rise to about 17 percent of gross domestic product--more than double their current share.'' The report goes on to say, `` `saving' most or all of the budget surpluses that CBO projects over the next 10 years--using them to pay down debt--would have a positive impact on the projections and substantially delay the emergence of a serious fiscal imbalance.'' I believe that each of my colleagues should read this report because it might make them consider the consequences of all the spending that's going on in this body and help make the argument for more fiscal restraint in these last days of the 106th Congress.”