After the Supercommittee, Fiscal Policy Questions Still Have to be Addressed
The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.
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The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.
America faces a growing crisis. Our federal government has accumulated a $13.6 trillion debt over the last few decades, and this debt is expected to grow significantly in coming years.
CBO finds that the budget would not reach balance in 2027 as the administration projects.
https://www.pgpf.org/analysis/2017/07/cbo-debt-remains-high-under-presidents-budget
How do the House Budget and the President’s Budget differ?
CBO projects that federal debt will remain at historically high levels over the next decade under current laws and warns that such high levels of debt could harm the economy.
https://www.pgpf.org/analysis/cbo-warns-fiscal-path-is-unsustainable-and-threatens-economic-growth
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
Medicare is a large share of the budget, and it is projected to grow.
https://www.pgpf.org/analysis/urgent-action-needed-to-shore-up-medicare-program
Under the GAO’s most realistic fiscal scenario, debt held by the public will exceed 109 percent of GDP by 2020.
Recent budget reforms have not significantly improved the nation’s long-term fiscal outlook, according to a report released today by the Peter G. Peterson Foundation.
Reconciliation is a powerful process, whereby legislation drafted to meet those instructions has an easier path to passage.