This Fiscal New Year May Mark a Permanent Return to Trillion-Dollar Deficits
Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
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Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
A range of coverage & analysis looking at what this news means for America's long-term fiscal outlook
https://www.pgpf.org/blog/2016/01/recommended-reading-cbo-highlights-the-return-to-rising-deficits
Last year's tax cuts have had significant implications for the federal budget, our economy, and every family and business in the country.
https://www.pgpf.org/blog/2018/10/five-things-that-we-have-learned-since-the-tax-cuts-were-enacted
Piling on more debt can harm our economy by crowding out private investment, reducing our fiscal flexibility, and lowering confidence and certainty.
https://www.pgpf.org/blog/2017/11/why-you-should-care-that-tax-cuts-add-to-the-national-debt
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
There are separate limits on the amount of funding that can be provided for defense and nondefense purposes through the appropriation process.
https://www.pgpf.org/blog/2018/03/budget-process-reform-what-are-budget-caps
The United States has one of the most expensive health systems in the world.
There’s no doubt America’s fiscal problems are serious and significant, but CBO’s assortment of options offers lawmakers a deep playbook of spending and revenue changes that would put us on a better path.
https://www.pgpf.org/blog/2023/02/76-options-to-reduce-the-federal-deficit
Unless addressed soon, the growing national debt will "seriously jeopardize and undermine the American economy," said former Secretary of Defense Leon Panetta.
The rise in healthcare spending was largely driven by the federal response to the COVID-19 pandemic.
https://www.pgpf.org/blog/2022/01/healthcare-spending-reaches-a-record-high