Happy Fiscal New Year?
For the third year in a row, Congress did not adopt a budget resolution.
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For the third year in a row, Congress did not adopt a budget resolution.
The outlook for the federal budget has worsened considerably since last year, according to a new report.
Most notable and controversial among the reforms were movements to raise the minimum retirement age from 60 to 62 by 2018, and the full retirement age from 65 to 67 by 2023.
https://www.pgpf.org/analysis/retirement-reform-in-france-2010
Under the GAO’s most realistic fiscal scenario, debt held by the public will exceed 109 percent of GDP by 2020.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
The Government Accountability Office recently issued an update in a series of reports detailing the fiscal position of state and local governments.
https://www.pgpf.org/analysis/state-and-local-governments-face-continued-fiscal-pressure
The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.
Policymakers should build on this foundation of bipartisanship to begin the significant further reforms that are necessary to put our nation on a sustainable fiscal path.
Social Security’s finances are facing growing pressure due to the aging of the population.
https://www.pgpf.org/analysis/2017/07/trustees-warn-social-security-in-financial-trouble
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019.
https://www.pgpf.org/analysis/2018/04/cbo-report-outlines-dramatically-worse-fiscal-outlook