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Discover why our fiscal health and economic strength are so closely tied, and why it is important to get the deficit under control and work toward a balanced budget.
Many factors contribute to the long-term outlook for the U.S. economy and budget, but there are two major drivers of spending: demographics and rising healthcare costs.
On our current path, CBO projects that deficits will reach $1.0 trillion by 2022 and total $10.1 trillion over the next ten years.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
The nonpartisan Congressional Budget Office projects that the federal debt could reach 175% of GDP by 2040.
The Trustees urge lawmakers to enact legislation soon to put Medicare on a sustainable path.
Under current policies, publicly held debt is projected to increase from 73 percent of gross domestic product in 2012 to 83 percent in 2023.
The nonpartisan Congressional Budget Office has released a mid-year update to its projections of the nation’s federal finances and economic health.
The Peter G. Peterson Foundation analysis of Congressional Budget Office's February 2013 "Budget and Economic Outlook" report: CBO Report Finds Historically High Debt Persists Throughout the Decade