Happy Fiscal New Year?
For the third year in a row, Congress did not adopt a budget resolution.
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For the third year in a row, Congress did not adopt a budget resolution.
The nonpartisan CBO projects that the federal debt would reach 183% of GDP within 25 years.
https://www.pgpf.org/analysis/congressional-budget-offices-2014-long-term-budget-outlook
Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
The nonpartisan Congressional Budget Office projects that the federal debt could reach 175% of GDP by 2040.
https://www.pgpf.org/analysis/congressional-budget-offices-2015-long-term-budget-outlook
The two proposals present distinct visions of the role of the federal government in our economy.
https://www.pgpf.org/analysis/fy-2015-budgets-comparing-chairman-ryans-and-the-presidents-proposals
While countries continue to recover from the crisis, the international fiscal outlook has not substantially improved.
https://www.pgpf.org/analysis/fiscal-monitor-series-navigating-the-fiscal-challenges
Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
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.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
Tax reform done right will promote economic growth, increase fairness and simplicity, and improve the nation’s fiscal outlook.