CBO Warns: Fiscal Outlook Remains Unsustainable
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
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Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
A panel of experts discussed the potential for a well-designed carbon tax to play a role in putting our nation on a more sustainable fiscal path.
"Committee passage of the Fiscal Commission Act is an important step toward a comprehensive approach to stabilizing our rapidly growing national debt," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
"When the dominoes of our national debt fall, young Americans will be the ones left to pick up the pieces," writes Heidi Heitkamp.
Policy leaders and experts across the political spectrum have put forward a number of comprehensive plans to reduce America’s long-term debt and lay a strong foundation for future economic growth.
Federal programs that invest in children are not only critical to the health and well-being of the youngest Americans, but they can also provide long-term benefits to the nation’s economy.
At $19 trillion and growing, the national debt is threatening to harm our economy. In just over a decade, interest on the debt will become our third largest federal program — crowding out investments in critical programs like education, infrastructure, and R&D. But there's still time to secure our future.