Rep. Kevin Brady, Vice Chairman of the Joint Economic Committee and senior member of the House Ways and Means Committee, today issued the following statement:

“Today, the Congressional Budget Office released the latest update of The 2012 Long-Term Budget Outlook. On its present course, federal debt held by the public will be nearly twice our annual output – 199% of GDP –in 25 years.  If future federal spending is not reduced to manageable levels relative to the size of our economy, the United States risks its own sovereign debt crisis like the one occurring in Greece and in other parts of Europe. CBO’s report is a stark warning of the disastrous future that could await the United States if we fail to change course.”

“A sudden debt crisis would mean that the United States would be unable to borrow at affordable rates. Looking at Europe, we can see what would occur: a severe recession, soaring unemployment, and the slashing of Social Security and Medicare payments. It is an abdication of responsibility for any American President to refuse to propose plans to set the country on a more sustainable fiscal course before we reach the point of no return. But President Obama continually refuses to do this. In fact, his Treasury Secretary recently admitted before Congress that the Obama team has “no definitive solution to the long-term problem” and that all it knows is that it does not like what Congressional Republicans propose.”

“I call upon the President, for the first time in his presidency, to put the economic future of our nation ahead of his concern for his political future. Sit down with members of Congress and have a frank and honest discussion with the American people about our dire fiscal situation before our problems become unsolvable. The economic well-being of the American people is too important to be suborned to short-term partisan politics. I for one stand ready to put all other considerations aside to resolve this impasse and soon. I call upon the President to do the same.”