House Tax Bill Adds $1.7 Trillion to Deficits When You Include Interest
The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
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The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
"CBO makes clear that America’s fiscal outlook over the long term remains unsustainable and threatens our economy."
“Today’s report provides a troubling snapshot of America’s fiscal outlook, which we know will only get worse from here,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2021/03/peterson-statement-on-cbos-long-term-outlook
10th annual Fiscal Summit includes Speaker Nancy Pelosi, White House Acting Chief of Staff Mick Mulvaney, House Budget Chairman John Yarmuth, Ways and Means Ranking Member Kevin Brady, New CBO Director Phillip Swagel and other leading policy voices from across the political spectrum
https://www.pgpf.org/press-release/2019/06/2019-fiscal-summit-press-release
As the economic recovery takes hold, Americans across party lines believe that the country’s renewed economic stability creates an opportunity for the government to address the country’s fiscal challenges.
https://www.pgpf.org/press-release/2015/05/2015-fiscal-summit-press-release
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for March 2022.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-march-2022
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for October 2020.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-october-2020
“With the nation still in the grips of a devastating public health and economic crisis, President Biden and the new Congress are right to explore additional relief and recovery legislation, but it’s also critical that we remain mindful of our long-term fiscal outlook, which has gotten far worse as our debt now exceeds the size of our economy,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/01/fci-press-release
On our current path, CBO projects that deficits will reach $1.0 trillion by 2022 and total $10.1 trillion over the next ten years.
https://www.pgpf.org/analysis/2017/06/cbo-unsustainable-deficits-threaten-future-economic-growth