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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.
"As our leaders consider reforms in key areas such as healthcare and tax reform, we must enact policies that also improve our nation’s fiscal outlook. Looking ahead, the President and Congress have the opportunity to work together to stabilize our debt and provide a strong foundation for economic growth," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/02/statement-on-president%E2%80%99s-address-to-congress
The federal budget deficit rose to $666 billion for fiscal year 2017 — an increase of around $80 billion from the previous year.
https://www.pgpf.org/blog/2017/10/federal-budget-deficits-rising-even-before-tax-cuts
The Peter G. Peterson Foundation releases a statement on the Fiscal Commission.
"The era of declining deficits has clearly come to an end."
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for April 2021.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-april-2021
“The Biden Administration has put forward thoughtful proposals aimed at creating jobs for working- and middle-class families, increasing our global competitiveness, and addressing important national priorities like infrastructure, climate change, and racial equity," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
"CBO makes clear that America’s fiscal outlook over the long term remains unsustainable and threatens our economy."
A new five-year, $1.9 million grant will support the Howard University Department of Economics and the Women’s Institute on Science, Race and Equity (WISER) in their innovative work to increase diversity in the field of economics and promote greater inclusion in fiscal and economic policymaking.
The pandemic exposed major U.S. healthcare issues, but key lessons can help improve the system going forward, according to two leading experts.