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Analysis of CBO’s Budget Outlook: Fiscal Years 2012-2022
The Foundation's assessment: The President's budget includes some policies that would begin to address the fundamental drivers of our long-term deficits, but its proposals are too modest to put the budget on a plausible and sustainable path for the long run.
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the President's FY2015 Budget.
The Congressional Budget Office’s (CBO) Preliminary Analysis of the President’s FY 2012 Budget released on Friday is further indication that the nation continues to face serious long-term fiscal challenges. Under the President’s proposed budget, CBO estimates that by 2021:
"CBO’s latest report confirms that America’s economic future is threatened by its fiscal outlook," according to Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
The Congressional Budget Office's 2012 Long-Term Budget Outlook: An Analysis
Yesterday the Congressional Budget Office released the 2015 Long-Term Budget Outlook, its annual report on the federal government's fiscal condition over the next 25 years. CBO projects that the federal debt could reach 175% of GDP by 2040.
Budget battles policymakers have engaged in have failed to produce reforms to address the true drivers of long-term national debt.