The U.S. Fiscal Outlook Has Gotten Worse Over the Past Year — Here’s Why
The country’s fiscal trajectory got notably worse over the past year.
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The country’s fiscal trajectory got notably worse over the past year.
A strong fiscal outlook is an essential foundation for a thriving economy. Putting our nation on a sustainable fiscal path creates a positive environment for growth, opportunity and prosperity.
https://www.pgpf.org/the-fiscal-and-economic-challenge/fiscal-and-economic-impact
“Earlier this month, the Congressional Budget Office released new data showing that interest costs in 2024 will total a staggering $870 billion, a jump of 32 percent and more than $2 billion per day,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/02/fci-press-release
Waiting to act raises the cost of stabilizing the debt.
Portman, Panetta, Heitkamp, Zandi and others call for bipartisan fiscal commission, outlining spending and revenue reforms to stabilize the debt.
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.
The Peter G. Peterson Foundation held its first Fiscal Summit in 2010 to start a national bipartisan dialogue on critical fiscal issues with thought leaders and prominent stakeholders from across the political spectrum.
Our fiscal situation was already unsustainable, but COVID-19 certainly did not help. Learn how the pandemic compounded our financial challenges in 13 charts.
https://www.pgpf.org/blog/2020/12/13-charts-that-tell-the-fiscal-story-of-2020
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
In January 2013, a series of tax increases and spending cuts are slated to go into effect automatically and all at once. Many are calling this major fiscal policy shift the "Fiscal Cliff." If all of the changes are allowed to proceed, future budget deficits would be substantially reduced. However, the nonpartisan Congressional Budget Office has forecast that the economy would be thrown into recession in 2013 — an outcome that threatens our still-fragile economic recovery.