Portman: OMB's Mid-Session Review Must Reflect Accurate Economic Growth
WASHINGTON, D.C. – Today, U.S. Senator Rob Portman (R-Ohio), a former Director of the Office of Management and Budget and member of the Joint Select Committee on Deficit Reduction, released the following statement regarding the upcoming Mid-Session Review:
“I’m very interested to see the OMB’s promised Mid-Session Review, which will contribute to the upcoming debate on the best way to cut the federal deficit and change the trajectory of Washington’s out of control spending.
“I hope the Mid-Session Review will be more specific than President Obama’s April speech and more serious than his budget proposal, which failed to receive even one Democratic vote when debated in the Senate.
“This summer has seen more disappointing economic developments, as CBO and others have revised growth projections downwards, unemployment has gone up, and credit agencies have downgraded the U.S. debt, while that debt continues to set records.
“Our economic and fiscal challenges need to be faced squarely, so I hope the OMB’s Mid-Session Review will include updated economic assumptions that reflect the past few months’ subpar reports. Failure to do so only clouds the debate and makes it easier for Washington to pass the buck.”
The Office of Management and Budget’s Mid-Session Review is due each year on July 15th and provides updated estimates on deficits, debt, unemployment and economic growth.