The National Debt is Rising Unsustainably
Here are six key takeaways from CBO’s latest Long-Term Budget Outlook projections.
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Here are six key takeaways from CBO’s latest Long-Term Budget Outlook projections.
GAO projects debt held by the public would more than double over the next 30 years.
SNAP is the largest federal program aimed at combating hunger and food insecurity among low-income Americans.
“Across party lines, overwhelming majorities of voters are deeply concerned about the $33 trillion and growing national debt, and they want their leaders to take action,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/10/fci-press-release
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.
CBO’s new report serves as a reminder that the lawmakers need to take into account our nation’s long-term fiscal challenges as they consider policy changes.
https://www.pgpf.org/blog/2017/01/top-three-takeaways-on-the-10-year-fiscal-outlook
"The era of declining deficits has clearly come to an end."
“Across party lines, vast majorities of voters believe that divided government brings an important responsibility for our leaders to work together to secure our fiscal future,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2023/01/fci-press-release
After months of negotiations, with default looming, Congress passed and the President signed the Budget Control Act of 2011, which raises the debt ceiling and puts a process in place for reducing the deficit.
https://www.pgpf.org/analysis/peter-g-peterson-foundation-analysis-of-the-budget-control-act-of-2011
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.