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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.
The Congressional Budget Office's latest Budget and Economic Outlook provides sobering new evidence that our nation's fiscal policies are on an unsustainable and uncertain path.
Under current spending and tax policies, federal debt would be on a path that climbs to about 200 percent of gross domestic product within 25 years, according to CBO.
An analysis by the Peter G. Peterson Foundation that looks at all spending — and not just non-exempt spending — has found that the scale of reductions next year resulting from the sequestration will be more heavily weighted towards defense cuts.
CBO projects that the federal debt could reach 175% of GDP by 2040.
“As a new president and Congress take office, one thing hasn’t changed: our nation’s fiscal outlook remains unsustainable," Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, said in response to the Congressional Budget Office's Budget and Economic Outlook update.
CBO projects that federal debt will rise to 77% of GDP in 2025, a historically high level of debt that threatens economic growth over the long term.
CBO projects that, under current policies and law, the federal debt will reach 183% of GDP by 2039.
“America’s high and rising national debt threatens our economy, and must be included in the policy conversation this year," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.