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Who Benefits From Medicaid?
Federal spending is divided into two large categories – mandatory spending and discretionary spending
The nonpartisan Congressional Budget Office projects that the federal debt could reach 175% of GDP by 2040.
Though the economy continues its recovery and we have made some progress on deficits, our deficits will begin growing again soon, and major long-term fiscal challenges remain.
CBO projects that federal debt will remain at historically high levels over the next decade under current laws and warns that such high levels of debt could harm the economy.
The combined Old Age and Survivors’ Insurance and Disability Insurance Trust Funds, commonly referred to as the “Social Security Trust Funds,” will be fully depleted by 2033.
If taxes are not increased or spending is not cut, CBO projects that interest costs will climb and federal debt will grow to levels that will damage our economy.
The chairman's budget proposes a distinct change in the future role of government.
Under current spending and tax policies, federal debt would be on a path that climbs to about 200 percent of gross domestic product within 25 years, according to CBO.