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Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences.
https://www.pgpf.org/analysis/2023/06/debt-ceiling-update-whats-at-stake
Under the current policy scenario, the federal government is projected to run permanent primary spending deficits.
https://www.pgpf.org/analysis/government-accountability-office-fall-2012-budget-outlook
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
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.
https://www.pgpf.org/analysis/the-office-of-management-and-budgets-sequestration-reportan-analysis
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
https://www.pgpf.org/analysis/2019/04/trustees-funding-challenges-threaten-medicare%E2%80%99s-future
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.