The Congressional Budget Office’s 2011 Long-Term Budget Outlook
If taxes are not increased or spending is not cut, CBO projects that interest costs will climb and federal debt will grow to levels that will damage our economy.
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If taxes are not increased or spending is not cut, CBO projects that interest costs will climb and federal debt will grow to levels that will damage our economy.
High inflation breeds instability, raising the risk of both higher interest rates and recession.
Policymakers use the federal budget process to establish spending priorities and to determine who will pay for those activities.
https://www.pgpf.org/finding-solutions/understanding-the-budget/budget-process
Waiting to act raises the cost of stabilizing the debt.
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, released the following statement as the Congressional Budget Office released its Budget and Economic Outlook for 2014-2024.
“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation."
Voters are calling on their leaders to take concrete actions to put us on a better fiscal path.
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
“Voters have made it overwhelmingly clear that they want their leaders to pay for all new spending with credible offsets, and they strongly support many proposed options to fully fund the package,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/09/fci-press-release
Debt will continue to accumulate unless reforms are undertaken.