The 2023 Deficit Is Projected To Total $1.5 Trillion. Here's Why It Could Be Even Higher
For 2023, the Congressional Budget Office (CBO) estimated in May that the federal budget deficit will total $1.5 trillion.
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For 2023, the Congressional Budget Office (CBO) estimated in May that the federal budget deficit will total $1.5 trillion.
According to CBO, provisions in the Fiscal Responsibility Act of 2023 will result in a $1.5 trillion decrease to the deficit over the next 10 years.
https://www.pgpf.org/blog/2023/06/how-much-will-the-debt-ceiling-deal-reduce-deficits
Spending for mandatory programs and net interest is projected to putpace all other non-interest spending.
https://www.pgpf.org/chart-archive/0174_SS_major_health_climb
Spending on the major healthcare programs, Social Security, and interest will continue to climb rapidly over the long term.
https://www.pgpf.org/chart-archive/0281_spending_to_climb_rapidly
The United States spends more on defense than the next 9 countries combined.
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
Compared to historical trends and other advanced economies, corporate tax revenues in the United States are low.
The Medicare Advantage allows beneficiaries enrolled in both Part A and Part B to receive benefits from private plans.
https://www.pgpf.org/budget-basics/what-is-medicare-advantage
The growing cost of prescription drugs presents a significant challenge to the quality and affordability of healthcare in the United States.
“Interest costs are skyrocketing to record levels, damaging our nation’s budget, economy and future," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.