Senator David Perdue Gives Statement On CBO’s 2016 Long-Term Budget Outlook

Tuesday, July 12, 2016

Senator David Perdue, a member of the Senate Budget Committee, released the following statement after the Congressional Budget Office (CBO) released its 2016 Long-Term Budget Outlook, which projects the United States would face steadily increasing federal debt over the next 30 years—reaching the highest level of debt relative to GDP ever experienced in this country:

“The CBO is again exposing how Washington’s financial irresponsibility threatens our ability to fund the priorities of our government. Discretionary spending has been scaled back since 2009 and this CBO outlook reminds us that the runaway costs of our mandatory expenses will add trillions to the debt in the next 10 years. We’re past the tipping point in this debt crisis and we simply have to face up to the difficult choices we have to make today to arrest the spiraling debt.

“Right now, our country cannot afford everything it is doing. With over $19 trillion in debt and over $100 trillion in future unfunded liabilities, each American family is responsible for nearly $1 million of this debt. Even more concerning, if interest rates were to rise to the 50-year average of 5.5 percent, the interest on the debt would amount to over $1 trillion annually, more than twice what is currently spent on national defense.

“The budget process is broken and has only worked four times in more than forty years. Fixing the budget process alone will not solve the debt crisis, but the debt crisis cannot be solved until we fix the budget process. In addition, we have to face up to the reality that the Social Security and Medicare trust funds go to zero in less than 15 years. We have to save Social Security and Medicare. Growing the economy and arresting the spiraling nature of our health care costs are also necessary to save these programs and rein in this out of control debt.”


Mikel Towe Named President Of Nucleus Knoxville

Governor Lee Introduces Legislation For Megasite Special Session

Moving Business Forward Podcast Previews Startup Week And Features Co.Lab


Mikel Towe, shareholder in Lewis Thomason’s Knoxville office, has been named president of Nucleus Knoxville. Mr. Towe has served on the board of Nucleus Knoxville since 2017 and was vice-president ... (click for more)

Tennessee Governor Bill Lee introduced two pieces of legislation on Monday that will go before the Tennessee General Assembly during a special legislative session to address funding and oversight ... (click for more)

The Moving Business Forward Podcast from PodTopics released the second episode of the series, placing a spotlight on Co.Lab just prior to Startup Week. In addition to learning the latest news ... (click for more)



Business

Mikel Towe Named President Of Nucleus Knoxville

Mikel Towe, shareholder in Lewis Thomason’s Knoxville office, has been named president of Nucleus Knoxville. Mr. Towe has served on the board of Nucleus Knoxville since 2017 and was vice-president in 2020. Mr. Towe graduated from the University of Tennessee College of Law and devotes his practice to civil litigation focusing primarily in the areas of insurance litigation involving ... (click for more)

Governor Lee Introduces Legislation For Megasite Special Session

Tennessee Governor Bill Lee introduced two pieces of legislation on Monday that will go before the Tennessee General Assembly during a special legislative session to address funding and oversight of Ford Motor Company’s historic $5.6 billion investment at the Megasite of West Tennessee. “Tennessee’s investment in the Megasite will have a generational impact on all 95 counties ... (click for more)

Breaking News

Hamilton County Has 4 More Virus Deaths And 63 New Cases; Number Of ICU Patients Continues To Drop; Tennessee Has 7 More Deaths

The Hamilton County Health Department reported four more coronavirus deaths on Monday and 63 new positive cases, down from 109 on Friday. The total number of cases in the county now stands at 63,358. The death total is at 642. It is reported the deaths were all men; three white and one race not determined; two age 51-60 and two age 61-70. The number of COVID-19 hospitalizations ... (click for more)

Daisy Madison To Retire As City's Chief Financial Officer After Nearly 20 Years

Daisy Madison, the city’s longtime chief financial officer, will conclude her distinguished career at City Hall this year as she begins her transition into retirement, she told senior staff Monday. Ms. Madison was hired as deputy chief finance officer in 1992 by former mayor Gene Roberts. She served with distinction under a succession of mayors, including Jon Kinsey, Bob Corker, ... (click for more)

Opinion

Tennessee Fans Hit A New Low - And Response (2)

Tennessee Vols fans hit a new low at the end of the UTK vs Ole Miss last evening. Maybe Lane Kiffin did us wrong when he left Knoxville for his dream team back in 2009, however, the crass and repulsive behavior of a large number of Tennessee fans didn’t reflect on Kiffin, it reflected on the great state of Tennessee. Has society really reduced itself to believing that reducing ... (click for more)

Roy Exum: Beware Of The Cobra

Over the weekend my “Morning Readings” included a lesson that economists teach called the Cobra Effect. Jon Miltimore is the Managing Editor of the Foundation for Economic Education in Atlanta and his ‘FEE.org’ is a highly respected conservative libertarian economic think tank. In his story you are about to read, he claims economists around the world speak often on The Cobra Effect. ... (click for more)