Statement on CBO’s Budget and Economic Outlook
Statement on CBO’s Budget and Economic Outlook
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on the Congressional Budget Office’s Budget and Economic Outlook update:
“As a new president and Congress take office, one thing hasn’t changed: our nation’s fiscal outlook remains unsustainable. Now is the time to tackle this long-standing issue.
“In today’s report, CBO projects that deficits will reach $1 trillion by 2023 and total $9.4 trillion over the next ten years. As our debt grows, so too do our borrowing costs — crowding out important investments in our economic future. Interest alone is projected to total $5.2 trillion in the next ten years, according to CBO’s latest projection.
“The long-term imbalance between revenues and spending must be taken into account as lawmakers look to address major policy areas, including healthcare and tax reform. These reforms should improve our fiscal outlook in the decades ahead, by stabilizing our debt as a share of the economy.”
For more information, read our analysis of the CBO report.
Further Reading
The Six Largest Corporate Tax Expenditures
Relative to the size of the economy, the U.S. collects less revenues than many other advanced countries. Tax breaks are a contributing reason.
What’s the Difference Between the Trade Deficit and Budget Deficit?
The terms “budget deficit” and “trade deficit” can be conflated, but they are distinct measurements of important fiscal and economic concepts.
Understanding the New Senior Deduction in the One Big Beautiful Bill Act
The senior deduction adds complexity to the tax code, and fewer than half of seniors will benefit from it.