CBO Warns Fiscal Path is Unsustainable & Threatens Economic Growth
The outlook for the federal budget has worsened considerably since last year, according to a new report.
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The outlook for the federal budget has worsened considerably since last year, according to a new report.
Federal debt is already at its highest level as a percentage of GDP since 1950 and would exceed its all-time high by 2034 under current law.
https://www.pgpf.org/analysis/2018/07/cbo-warns-historic-debt-levels-threaten-economy
Under the GAO’s most realistic fiscal scenario, debt held by the public will exceed 109 percent of GDP by 2020.
The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.
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 Congressional Budget Office projects that the federal debt could reach 175% of GDP by 2040.
https://www.pgpf.org/analysis/congressional-budget-offices-2015-long-term-budget-outlook
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
Under current spending and tax policies, federal debt would be on a path that climbs to about 200 percent of gross domestic product within 25 years, according to CBO.
An analysis by the Peter G. Peterson Foundation that looks at all spending — and not just non-exempt spending — has found that the scale of reductions next year resulting from the sequestration will be more heavily weighted towards defense cuts.
https://www.pgpf.org/analysis/the-office-of-management-and-budgets-sequestration-reportan-analysis
Americans must task their newly elected officials with tackling the nation's debt — and hold them accountable for results.
https://www.pgpf.org/analysis/for-a-stronger-economy-deal-with-the-debt