Statement on CBO’s Updated Budget and Economic Outlook
"Today’s CBO report confirms that the era of declining deficits is over," according to Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
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"Today’s CBO report confirms that the era of declining deficits is over," according to Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Today, the Congressional Budget Office released its Update to the Budget and Economic Outlook: 2015-2025, which projects that federal debt will rise to 77 percent of GDP in 2025, a historically high level of debt that threatens economic growth over the long term.
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.
"As lawmakers debate significant reforms, our growing deficits should be a factor in every policy conversation," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Michael A. Peterson, President & COO of PGPF, commented today as the Congressional Budget Office released its Budget and Economic Outlook for fiscal years 2015-2025.
“We’re clearly heading in the wrong direction, and it’s unfortunate that our leaders are not putting forward credible plans to improve our fiscal foundation," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
CBO finds that under the President’s budget, debt would remain at historically high levels over the next ten years.
https://www.pgpf.org/blog/cbo-analysis-of-the-presidents-fy-2016-budget
How do the House Budget and the President’s Budget differ?
President & CEO David Walker discussed why the President should establish a fiscal commission by Presidential Order now that Congress has defeated the amendment that would have created a statutory commission.
https://www.pgpf.org/press-release/2010/01/pgpf-discusses-issues-addressed-in-state-of-the-union