Fox News adopted its "headline" for today straight from a press release from the office of Republican Rep. Paul Ryan, claiming that the Congressional Budget Office estimated that "government spending as a share of our economy will increase by nearly 70 percent by 2035." In its long-term budget outlook, CBO projected that spending would increase from 24.1 percent of GDP in 2011 to 27.4 percent in 2035.
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Today's Fox News "Headline" Is Ripped From Paul Ryan's Press Release
Fox News "Headline": "Government Spending As A Share Of Our Economy Will Increase By Nearly 70 Percent." In a Happening Now segment about the economy, co-host Jenna Lee said: "Today, the headline is this: A new report from the Congressional Budget Office has some very sobering news for really every single one of us, including projections that government spending as a share of our economy will increase by nearly 70 percent by 2035. Historically, it's around 20 percent. That's a big jump." [Fox News, Happening Now, 6/22/11]
Ryan's Press Release: "Government Spending As A Share Of The Economy Will Increase By Nearly 70 Percent." From a June 22 press release by House Budget Committee chairman Paul Ryan (R-WI):
The CBO projects that government spending as a share of the economy will increase by nearly 70 percent between now and 2035, up from its historical average of roughly 20 percent. Taxes are projected to rise to the historical average in the years ahead, yet the unprecedented growth in government spending is projected to rise much faster, driving an unsustainable explosion in debt. [House Committee on the Budget, 6/22/11]
CBO Projected That Spending As Share Of GDP Would Increase By 3 Percentage Points
CBO: Total Spending Projected To Increase From 24.1 Percent Of GDP To 27.4 Percent Of GDP. In its long term budget outlook, CBO projected that total spending would be 24.1 percent of GDP in 2011 and 27.4 percent of GDP in 2035 under the extended-baseline scenario. [Congressional Budget Office, CBO's 2011 Long-Term Budget Outlook, 6/21/11]