- The Fiscal
- What We're
- What You
A recent report released by the nonpartisan Government Accountability Office (GAO) echoes analysis from the Congressional Budget Office (CBO) and the Administration in warning that federal debt is on an unsustainable path. GAO projects that debt held by the public could more than double over the next 30 years — rising from around 100 percent of gross domestic product (GDP) at the end of fiscal year 2021 to 217 percent in 2050.
Although GAO’s projections are based on estimates from CBO that were issued last year, their findings are similar to recent reporting from CBO that focuses on the structural factors driving an imbalance between spending and revenues:
GAO’s findings add to a chorus of nonpartisan evidence and analysis showing that action is needed to improve our fiscal outlook so that we can meet future challenges, invest in the next generation, and build a strong and inclusive economy.
Image credit: Photo by Matthijs Bettman / EyeEm / Getty Images