Congressional Budget Office Warns of National Debt Crisis: Terri McCormick Will Rein in on Spending

Agency Says Deficits Will Cause Debt to Rise to Unsupportable Levels

July 29, 2010
Contact: Will Johnson
Phone: 920-209-2357
Email: press@mccormickforcongress.com

APPLETON, Wisconsin – Eighth District Republican Congressional candidate Terri McCormick has already made a personal pledge to voters that she will never vote for tax-increasing legislation and will introduce legislation to lower taxes and curb the deficit.

In a report released earlier this week by the Congressional Budget Office, the legislative agency responsible for providing economic data to Congress, the debt is now higher in comparison with the total output of the economy than any period in American history with the exception of World War II.

The report maintains that “a growing level of federal debt would also increase the probability of a sudden fiscal crisis” and “[t]o restore investors’ confidence, policymakers would probably need to enact spending cuts or tax increases more drastic and painful than those that would have been necessary had the adjustments come sooner.”

Responding to the report, Congressional candidate Terri McCormick says, “There is no probably about it; the politicians in Washington are constitutionally obligated to cut spending.  Unfortunately, many of them – including my opponent Steve Kagen – do not seem to take their Oath of Office seriously.  That’s why Congressman Kagen voted for Cap and Tax and the Democratic Congressional health care tax-increase plan that was signed by President Obama earlier this year.”

Terri McCormick has offered several policy solutions that will result in meaningful tax reform and that will cut spending and waste, including auditing the Federal Reserve and other federal agencies.

“Tax increases in the midst of an economic crisis are not the solution that northeast Wisconsin voters are looking for.  Our district desperately needs job creation and economic innovation, which will not occur through empowering government to be all things to all people.  That’s why I will vote to eliminate wasteful spending, rein in the debt, and be a responsible steward of taxpayers’ hard earned money,” concluded McCormick.

Former State Representative Terri McCormick is a teacher, small business owner, published author and constitutional conservative.

To learn more about Terri McCormick or the campaign, visit www.TerriMcCormickforCongress.com

To learn more about the CBO Report, visit:

http://www.cbo.gov/ftpdocs/116xx/doc11659/07-27_Debt_FiscalCrisis_Brief.pdf

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