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A large, comprehensive plan that addresses our long-term structural deficits is clearly the best way forward for America’s future economy. However, more modest proposals, which would begin to take meaningful steps towards putting our debt on a sustainable path, would also be worthwhile.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
Policymakers use the federal budget process to establish spending priorities and to determine who will pay for those activities.
Policymakers should build on the bipartisanship of this Act to work towards passing fiscal reforms that will put our nation on a sustainable fiscal path.
Analysis of CBO’s Budget Outlook: Fiscal Years 2012-2022
This February marks 40 years since the establishment of the Congressional Budget Office (CBO) — a nonpartisan government agency that provides information to Congress about the budget and economy. Since its inception, CBO has earned a well-deserved reputation as an impartial budget referee, widely respected for its independence and effectiveness in providing information and analysis to lawmakers.
Peter G. Peterson Foundation Analysis of the Budget Control Act of 2011
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.