WASHINGTON, DC – Maya MacGuineas, Executive Director of the Committee for a Responsible Federal Budget, released the following statement today in response to the Office of Management and Budget’s Mid-Session Review, which is now estimating a deficit of $445 billion for fiscal year 2004 and $331 billion for fiscal year 2005.

"The good news is that the numbers moved in our favor. The bad news is that we still face a tremendously challenging situation. And the problems only get worse beyond the five-year window," said Maya MacGuineas. "We cannot continue to allow this burden to multiply for our children and our children's children. Hope as we might, we will not be able to grow our way out of the nation’s fiscal problems."

For the full press release, please see the attached PDF file.