Peterson Foundation Statement on CBO Long-Term Budget Outlook
“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.
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“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.
The end of 2023 marks another year that the country has failed to improve its daunting fiscal outlook.
Debt held by the public totaled 97 percent of gross domestic product (GDP) at the end of 2022 and is on track to exceed its previous all-time high.
https://www.pgpf.org/blog/2023/10/why-history-shows-the-united-states-will-not-grow-out-of-its-debt
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
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2024, charted out monthly and on a year-over-year basis.
A group of respected policy experts share their views on how a bipartisan fiscal commission could help break the cycle of governing by crisis.
The top 20 percent of income earners receive over half the value of major tax expenditures.
https://www.pgpf.org/Chart-Archive/0199_distribution_tax_expenditures
Although the need for serious, long-term changes to the funding structure of the Highway Trust Fund is clear, there is disagreement over the approach to do so.
https://www.pgpf.org/budget-basics/budget-explainer-highway-trust-fund
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.
https://www.pgpf.org/budget-basics/what-is-the-earned-income-tax-credit
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.