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As a new president and Congress get to work on their policy priorities for 2017, there is one issue that affects all others: the nation’s unsustainable long-term fiscal outlook. Yesterday, the non-partisan Congressional Budget Office (CBO) released its latest budget projections, outlining the fact that we’re still on a dangerous path that threatens our economic future. CBO’s new report serves as a reminder that the lawmakers need to take into account our nation’s long-term fiscal challenges as they consider policy changes.
Here are the top three takeaways from our analysis of the report:
“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,” Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, said in a statement on the CBO report. “These reforms should improve our fiscal outlook in the decades ahead, by stabilizing our debt as a share of the economy.”
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