Talk Radio News Service: News, Politics, Media

By Antonia Aguilar University of New Mexico/Talk Radio News

The budget and economic outlook for the fiscal years 2010 to 2020 looks discouraging according to a new report from the Congressional Budget Office. Without the changes to the management of the federal budget the economy will continue to spiral downwards, said Director of The Congressional Budget Office Douglas Elmendorf during a committee hearing Wednesday.

Projections imply that the federal deficit in 2010 will increase by about $1.3 trillion and economic growth will be slowed due to unstable financial markets and tax increases.

“We got to act now to turn this around so that we can give the next generation this American legacy of having a better future which they will not unless we act,” said Rep. Paul Ryan (R-Wisc.).

The CBO’s forecast is based on current laws and policies and does not include the analysis of health care bills under consideration or the possibility of a spending freeze.