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Under current spending and tax policies, federal debt would be on a path that climbs to about 200 percent of gross domestic product within 25 years, according to CBO.
A strong fiscal outlook is an essential foundation for a growing, thriving economy – but our current debt-to-GDP ratio is the highest it has been since 1950.
https://www.pgpf.org/infographic/infographic-the-fiscal-state-of-play
The federal government is slated to borrow about $1.5 trillion this year, and that number is projected to nearly double over the next decade.
The primary role of the Senior Director, Tax Policy, is to track, research, analyze and assess the impacts of current, proposed and potential federal tax and revenue policies.
https://www.pgpf.org/about/careers/senior-director-tax-policy
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues.
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
Policymakers should build on this foundation of bipartisanship to begin the significant further reforms that are necessary to put our nation on a sustainable fiscal path.
Relative to the GAO’s last update of their long-term simulation, the nation’s fiscal condition has deteriorated.
Tax expenditures are often "spending in disguise" because they are used by Congress to direct resources to specific constituencies and priorities — much like spending programs.
https://www.pgpf.org/analysis/the-debate-over-tax-expenditures