CBO: President’s Budget Fails to Put Nation on Fiscally Sustainable Path
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
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CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019.
https://www.pgpf.org/analysis/2018/04/cbo-report-outlines-dramatically-worse-fiscal-outlook
Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
All three budget plans achieve deficit reduction within the 10-year window relative to current law, though they make different choices on revenues and spending levels for particular programs and achieve different results.
The president and Congress must reach a compromise that reconciles their disagreements before September 30, or else they will risk a partial government shutdown.
https://www.pgpf.org/analysis/comparing-the-congressional-and-presidential-budgets
The legislation is fiscally irresponsible and will add significantly to America's national debt.
https://www.pgpf.org/analysis/congress-passes-costly-and-unfunded-tax-legislation
The retirement of the large baby boom generation will sharply push up the number of people claiming benefits each year.
https://www.pgpf.org/analysis/the-social-security-trustees-report-in-charts
While the last minute passage of a continuing resolution avoided a government shutdown, the relief may be only temporary.
https://www.pgpf.org/analysis/2016/10/happy-fiscal-new-year-2017
The President's budget has a worthy goal of deficit reduction. However the economic assumptions underlying the president’s budget are optimistic.
https://www.pgpf.org/analysis/2017/05/analysis-of-the-presidents-fy-2018-budget
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.