Rising Federal Deficits
The federal deficit is projected to decline in 2021, but is expected to remain high over the next decade
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The federal deficit is projected to decline in 2021, but is expected to remain high over the next decade
Historically, debt and deficits rose with wars and economic downturns. Today, they rise from factors such as growing healthcare costs and an aging population.
Beyond 2030, rising interest costs are the driving factor in projected growth in annual deficits.
https://www.pgpf.org/chart-archive/0280_net_interest_primary_deficit
Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
“The national debt is already $34 trillion, but as it grows over the next three decades, we’ll spend more than double that on interest alone,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/03/fci-press-release
As policymakers consider how best to address our looming fiscal challenges, there is a growing debate about whether the U.S. can reduce defense spending without jeopardizing its national security.
“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.
The seventh annual Fiscal Summit was held on May 11, 2016 in Washington DC, convening leading experts and policymakers to examine the state of economic opportunity in America today.
https://www.pgpf.org/what-we-are-doing/fiscal-summit/2016-fiscal-summit
Deficits would be even higher under an alternative fiscal scenario.
Sequestration is a budget procedure used by lawmakers to cancel or limit funding in order to meet budget goals.
https://www.pgpf.org/budget-basics/budget-basics-what-is-sequestration