House Minority Whip Steny Hoyer (D-Md.) said he does not know when President Barack Obama’s plan for the fiscal cliff will balance the federal budget.
“The President’s proposition was that—on the revenue side—to balance the spending cuts we needed to raise additional revenues,” Hoyer said during a Capitol Hill pen and pad briefing with reporters on Friday. “We are now collecting revenues at about 15 percent and spending at about 22 percent of GDP [Gross Domestic Product].”
“You can’t do that for very long,” he said. “Even the richest country on the face of the earth can’t do that forever without having serious adverse consequences.”
“Almost everybody you speak to says you’ve got to bring those into balance,” Hoyer said.
However, when CNSNews.com asked the second-ranking Democrat in the House when the president will achieve that balance, Hoyer said he did not know.