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The Congressional Budget Office (CBO) recently published an update of its long-term outlook for the budget and concluded that the federal budget will continue to face intense pressures from the aging of the population and growth in health care costs.i These pressures will push up spending on Social Security, Medicare and Medicaid. 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 views about the long-term outlook have not changed much from last year.
Coming up next week from Washington DC: The 2014 Fiscal Summit: Our Economic Future. The fifth annual Summit, sponsored by the Peterson Foundation, will bring together leading experts and policymakers to outline their vision for building a vibrant economy for all Americans, addressing our long-term fiscal challenges, and securing critical investments in our future.
This summer, the Congress passed and the president signed the Budget Control Act of 2011 (BCA) that put in place a process for reducing the deficit. The BCA imposed caps on future discretionary spending and empowered a bipartisan, bicameral committee (the “Supercommittee”) to identify additional deficit reduction by Thanksgiving. Over the next 10 years, the spending caps are projected to reduce deficits by approximately $900 billion, and the Supercommittee is charged with finding $1.5 trillion of additional savings.
The Peter G. Peterson Foundation is a non-partisan, non-profit organization dedicated to addressing America’s long-term fiscal challenges to ensure a better economic future. Our mission is to increase public awareness of the nature and urgency of key fiscal challenges threatening America’s future and to accelerate action on them.
Contact: Sarah Stipicevic, Press Secretary
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The 2015 Fiscal Summit to convene lawmakers and leading experts to explore economic and fiscal opportunity in America as the recovery gains strength and the 2016 election begins to take shape