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Policymakers should work together to stabilize and strengthen this important program for generations to come.
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.
CBO projects that the federal budget deficit will increase as a share of GDP for the first year since 2009.
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.
CBO warns that federal budget deficits will begin rising again soon, and major long-term fiscal challenges remain unaddressed.
The President’s budget for Fiscal Year 2012 contains spending and revenue proposals for the remainder of the current year, as well as the coming decade.
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.
Using its own economic and technical assumptions, CBO finds that the budget would not reach balance in 2027 as the administration projects — but instead the deficit would grow from $693 billion in 2017 to $720 billion in 2027.
CBO warns that the “high and rising debt would have serious negative consequences for the budget and the nation,” including reduced incomes for families, an increased likelihood of financial crisis, and decreased flexibility for lawmakers when responding to unexpected challenges.