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
"It is easy to look at the state of American politics and feel despair. Instead, we should be motivated to solve big problems," writes Robert Portman
"The rise in the cost of servicing the debt is the significant challenge . . . threatening to crowd out federal spending priorities," writes Dana M. Peterson and Lori Esposito Murray.
https://www.pgpf.org/expert-views/fiscal-commission/the-debt-crisis-is-here
"A fiscal commission will not obviate lawmakers’ responsibility to make hard choices, but it will make those choices easier to understand and explain to voters," writes Mark Zandi
https://www.pgpf.org/expert-views/fiscal-commission/a-way-to-brighten-americas-dark-fiscal-outlook
"The single most crucial ingredient in a successful commission is complete buy-in from the leadership of both parties," writes Brian Riedl
Significant damage was done to America’s fiscal outlook over the past year.
Today, the nonpartisan Congressional Budget Office (CBO) released its Long-Term Budget Outlook, which offers a look at the nation’s fiscal health through 2052.
While this year’s deficit looks much better primarily due to the expiration of pandemic relief programs, CBO projects that the deficit will soon begin to climb again.
https://www.pgpf.org/blog/2022/05/interest-costs-rise-sharply-in-latest-cbo-report
Public schools for students in kindergarten through 12th grade are financed through a combination of local, state, and federal dollars in proportions that vary across and within states.
https://www.pgpf.org/budget-basics/how-is-k-12-education-funded