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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.
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.
Budget Explainer: What's at Stake with Discretionary Spending Cuts
Last night’s debate third and final presidential debate included a dedicated segment on the national debt, giving both candidates a chance to talk about their vision for addressing America’s long-term fiscal challenges.
The new fiscal year for the federal government began on October 1, and policymakers now face a number of important budget decisions.
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.
CBO projects that the federal budget deficit will increase as a share of GDP for the first year since 2009.
Although President Obama’s budget keeps the debt from rising as a share of the economy over the next 10 years, it does not sufficiently address the key drivers of our long-term unsustainable debt.