Why Fiscal Space Matters
Lower levels of debt allow governments to respond more effectively to a recession or financial crisis.
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Lower levels of debt allow governments to respond more effectively to a recession or financial crisis.
Portman, Panetta, Heitkamp, Zandi and others call for bipartisan fiscal commission, outlining spending and revenue reforms to stabilize the debt.
Increasing the debt ceiling allows the Treasury to borrow funds to pay for government obligations that have already been incurred as the result of laws and budgets approved by the President and Congress.
The long-term budget outlook has deteriorated significantly since last year, when CBO projected debt would reach 111% of GDP in 30 years under current law.
https://www.pgpf.org/analysis/2016/07/cbo-long-term-budget-outlook-worse-than-last-year
The nonpartisan CBO projects that the federal debt would reach 183% of GDP within 25 years.
https://www.pgpf.org/analysis/congressional-budget-offices-2014-long-term-budget-outlook
Debt will continue to accumulate unless reforms are undertaken.
The 2014 mid-term elections may be over, but America's long-term fiscal and economic challenges remain.
https://www.pgpf.org/analysis/lame-duck-deadlines-and-long-term-priorities
“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.
The Congressional Budget Office released its 2015 Long-Term Fiscal Outlook, which projects that by 2040, federal debt will climb to over 100 percent of GDP under current law and could reach 175 percent of GDP under less optimistic assumptions.
President & CEO David Walker discussed why the President should establish a fiscal commission by Presidential Order now that Congress has defeated the amendment that would have created a statutory commission.
https://www.pgpf.org/press-release/2010/01/pgpf-discusses-issues-addressed-in-state-of-the-union