The Congressional Budget Office’s 2011 Long-Term Budget Outlook
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.
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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.
The President’s budget for Fiscal Year 2012 contains spending and revenue proposals for the remainder of the current year, as well as the coming decade.
Relative to the GAO’s last update of their long-term simulation, the nation’s fiscal condition has deteriorated.
The latest report by the CBO on the outlook for the U.S. budget and economy highlights the costs of the ongoing weakness in our economy and uncertain direction of our nation’s fiscal policies.
https://www.pgpf.org/analysis/summary-of-cbo-update-on-budget-and-economic-outlook
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.
https://www.pgpf.org/analysis/long-term-implications-of-the-budget-control-act-of-2011
According to CBO, the fiscal condition of the United States has deteriorated since its last report issued in August.
https://www.pgpf.org/analysis/cbo%E2%80%99s-latest-budget-projections-a-deteriorating-fiscal-outlook
Chairman Paul Ryan's budget aims to shrink the size of government to about 20 percent of gross domestic product (GDP) in 2015 and to 15 percent of GDP in 2050.
These projections provide fresh evidence that the nation’s fiscal policy is on an unsustainable course and changes in policy will be needed.
Peter G. Peterson pens an op-ed about the budget for POLITICO.
https://www.pgpf.org/press-release/2011/08/op-ed-a-new-chance-to-get-budget-right
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