President's Budget Again Relies on Optimistic Economic Projections and Unlikely Spending Cuts
Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
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Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
https://www.pgpf.org/analysis/social-security-medicare-trustees-reports
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences.
https://www.pgpf.org/analysis/2023/06/debt-ceiling-update-whats-at-stake
Under the current policy scenario, the federal government is projected to run permanent primary spending deficits.
https://www.pgpf.org/analysis/government-accountability-office-fall-2012-budget-outlook
Tax expenditures are often "spending in disguise" because they are used by Congress to direct resources to specific constituencies and priorities — much like spending programs.
https://www.pgpf.org/analysis/the-debate-over-tax-expenditures
While the recession has technically ended, our economy is still suffering and far from completely recovered.