Statement on CBO’s Updated 10-Year Budget Projections
Statement on CBO’s Updated 10-Year Budget Projections
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today as the Congressional Budget Office released its updated 10-year budget projections:
“Today, CBO highlights once again that America is on an unsustainable fiscal path that threatens our economic future.
“The era of declining deficits has clearly come to an end, as the 2016 deficit will rise to $534 billion, nearly $100 billion higher than last year. By 2022, CBO projects that annual deficits will once again exceed the trillion mark — reaching $1.3 trillion in 2026 and totaling $9.3 trillion over the next 10 years. Interest costs alone will total $5.8 trillion over the next 10 years, becoming our third largest federal ‘program.’
“This election season is a perfect opportunity for a national conversation about our nation’s long-term fiscal and economic health. Americans are asking candidates to put forward a plan, and candidates have a responsibility to tell voters their ideas to put our debt on a sustainable path, and build a strong economy in the decades ahead.”
For the full CBO report, click here.
Further Reading
The One Big Beautiful Bill Act Is the Most Expensive Reconciliation Package in Recent History
This week, lawmakers in Congress approved reconciliation legislation that will add trillions of dollars to America’s already unsustainable fiscal trajectory
Healthcare Costs Are a Major Driver of the National Debt and Here’s the Biggest Reason Why
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
Despite Decades of Warnings, Depletion of Social Security’s Trust Fund Is Getting Closer
The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.