CBO: President’s Budget Fails to Put Nation on Fiscally Sustainable Path
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
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CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.
These projections provide fresh evidence that the nation’s fiscal policy is on an unsustainable course and changes in policy will be needed.
For the third year in a row, Congress did not adopt a budget resolution.
The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.
Budget battles policymakers have engaged in have failed to produce reforms to address the true drivers of long-term national debt.
https://www.pgpf.org/analysis/averting-a-shutdown-the-numbers-behind-the-last-minute-budget-bill
The Government Accountability Office recently issued an update in a series of reports detailing the fiscal position of state and local governments.
https://www.pgpf.org/analysis/state-and-local-governments-face-continued-fiscal-pressure
Although the President's budget would make progress by reducing deficits and stabilizing the debt over the next ten years, federal debt would remain high by historical standards.
https://www.pgpf.org/analysis/summary-of-cbos-analysis-of-the-presidents-budget-for-fiscal-year-2014
President Obama's budget keeps the debt from rising as a share of the economy, but it does not address the key drivers of our long-term unsustainable debt.