Statement on CBO’s Budget and Economic Outlook
Statement on CBO’s Budget and Economic Outlook
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on the Congressional Budget Office’s Budget and Economic Outlook update:
“As a new president and Congress take office, one thing hasn’t changed: our nation’s fiscal outlook remains unsustainable. Now is the time to tackle this long-standing issue.
“In today’s report, CBO projects that deficits will reach $1 trillion by 2023 and total $9.4 trillion over the next ten years. As our debt grows, so too do our borrowing costs — crowding out important investments in our economic future. Interest alone is projected to total $5.2 trillion in the next ten years, according to CBO’s latest projection.
“The long-term imbalance between revenues and spending must be taken into account as lawmakers look to address major policy areas, including healthcare and tax reform. These reforms should improve our fiscal outlook in the decades ahead, by stabilizing our debt as a share of the economy.”
For more information, read our analysis of the CBO report.
Further Reading
5 Key Facts About Rising Healthcare Spending in the United States
Healthcare spending in the United States is a key driver of the nation’s fiscal imbalance and has risen notably over the past few decades.
The Highway Trust Fund Explained
The funding structure of the Highway Trust Fund requires serious, long-term changes, but how to approach reform remains a topic of debate.
Quiz: How Much Do You Know About the Federal Budget?
A strong fiscal outlook is an essential foundation for a growing, thriving economy. Take our quiz to see how much you really know about the federal budget.