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Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
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
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
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
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
https://www.pgpf.org/analysis/2019/04/trustees-funding-challenges-threaten-medicare%E2%80%99s-future
Federal debt will rise to 144 percent of GDP within 30 years — far exceeding its all-time high, and nearly doubling today's level.
https://www.pgpf.org/analysis/2019/06/cbo-warns-historic-debt-levels-pose-substantial-risks
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.