“Although modest progress has been made on short-term fiscal issues, the CBO outlook shows us that the nation has by no means solved its debt problem. The CBO report confirms that our debt as a share of GDP is projected to increase over the next 10 years, and rise sharply thereafter.

“The goal of any sustainable fiscal policy must be to stabilize debt as a share of the economy and put it on a downward path for the long term. Recent deficit-reduction efforts have failed, because they only slow the growth rate of our nation’s debt, and not even all that much. Recent fiscal reforms have not solved the problem because they have not addressed key drivers of debt, namely our rapidly aging society, exploding health care costs, and a lack of sufficient revenue.

“We need to grow our economy faster than we grow our debt, and yet America is still doing the opposite. Our future prosperity rests on a growing economy and a stabilized debt, and Congress and the President must continue to focus on both. A comprehensive fiscal plan that is phased in gradually is key to our fiscal and economic health — stimulating the economy with confidence and certainty, and putting an end to our out-of-control debt.”