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Corker: Debt, Deficits Hurt Americans’ Standard of Living

Press release from U.S. Sen. Bob Corker, R-Tenn.; January 28, 2015:

Senator Says He Hopes Budget Committee Will Address Issues in a “Meaningful” Way so “Lack of Action Does Not Continue to Hurt the American People”

WASHINGTON – In his first hearing as a member of the Senate Budget Committee, U.S. Senator Bob Corker (R-Tenn.) questioned Congressional Budget Office (CBO) Director Doug Elmendorf about the impact debt and deficits have on the standard of living of the American people.

“Debt and deficits hurt the standard of living of Americans by slowing economic growth,” said Corker. “We have quite a challenge… I hope that over the course of the next two months [the Senate Budget Committee] will come together and actually deal with these issues in a way that is meaningful so that our lack of action does not continue to hurt the American people.”

On Monday, CBO released a report, “The Budget and Economic Outlook: 2015 to 2025,” which indicates annual budget deficits will continue to grow at an unsustainable rate. The nonpartisan agency warns that longer-term outlook projections indicate “such large and growing federal debt would have serious negative consequences, including increasing federal spending for interest payments; restraining economic growth in the long term; giving policymakers less flexibility to respond to unexpected challenges; and eventually heightening the risk of a fiscal crisis.”

The CBO report cites increased mandatory spending on entitlement programs, including the expansion of subsidies under the president’s health care law, and interest payments as key factors in the projected increase in the federal debt. The report indicates:

  • An increase in debt held by the public from $13.4 trillion in 2015 to $21.6 trillion in 2025 – an increase of $8.2 trillion;
  • Today’s debt held by the public relative to a gross domestic product (GDP) ratio of 74% is historically high – higher than any year since 1951 and more than double what it was in 2007;
  • A $2.5 trillion increase in total annual outlays between 2015 and 2025, of which 84% comes from a combination of major health programs (32%), Social Security (28%) and net interest on the federal debt (24%); and
  • Net interest spending as a percentage of GDP will exceed defense and non-defense discretionary spending respectively in 2023.
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Press Releases

Devaney Elected to RNC Budget Committee

Press release from the Tennessee Republican Party; August 16, 2013:

BOSTON, Mass.—On the final day of business at the Republican National Committee’s summer meeting, Tennessee Republican Party Chairman Chris Devaney was unanimously elected to fill an opening on the RNC’s influential Budget Committee.

The Budget Committee is a permanent committee of the RNC and is tasked with the responsibility of “developing a budget” as well as “reviewing the income and expenditures of the Republican National Committee.”

The Budget Committee is composed of eleven members of the Republican National Committee, three of whom are appointed by the chairman of the Republican National Committee, and each of the four regions shall elect two members, one man and one woman. Devaney fills a seat that recently became vacant.

RNC Chairman Reince Priebus congratulated Devaney on his election and stated, “Chris Devaney has done a tremendous job leading the Tennessee Republican Party to electoral success and his sound financial stewardship has played a major role in that. I’m proud he is joining our strong team on the Budget Committee.”

The TNGOP has consistently enjoyed fundraising and financial success. The Party consistently outraises its political counterparts and all of its targeted races across the state are fully funded.

Devaney remarked, “I’m ready to roll up my sleeves and get to work with my colleagues on the Budget Committee to ensure our funds continue being utilized in the best way possible to ensure maximum Republican success across the country. Chairman Priebus has put us in a great financial position to be successful in 2014 and beyond. It’s an honor to join this team.”

Earlier this year, Tennessee Republican national committeewoman Peggy Lambert was elected the Southern Region Vice Chair. Tennessee national committeeman John Ryder was appointed to the position of RNC General Counsel.