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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.
CBO's New Budget Projection Shows More Action Needed to Tame Debt and Deficits
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.
Social Security currently provides benefits to 59 million Americans, including retired workers, disabled workers, and their spouses and survivors. As the population ages and the large baby boom generation enters retirement, the number of people receiving benefits is expected to climb to 88 million by 2033.
Social Security faces major financial challenges. In their annual report, which was released Monday, the Trustees warn that without legislative action:
The Congressional Budget Office (CBO) recently published an update of its long-term outlook for the budget and concluded that the federal budget will continue to face intense pressures from the aging of the population and growth in health care costs.i These pressures will push up spending on Social Security, Medicare and Medicaid. 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. CBO’s views about the long-term outlook have not changed much from last year.
The Congressional Budget Office's 2012 Long-Term Budget Outlook: An Analysis