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This morning the Congressional Budget Office (CBO) released a summary of its annual "Budget and Economic Outlook." The report highlights that the era of declining deficits since the recession has come to an unfortunate end. PGPF's research team has prepared an analysis of the findings. Included in the analysis are the following takeaways: federal deficits will exceed the $1 trillion mark in 2022 and will total $9.4 trillion over the next 10 years; net interest costs over the next decade will total $5.8 trillion; federal debt is projected to rise to 86% of GDP in 2026 — double its 50-year average – and will climb sharply thereafter.
Click here to see the Peterson Foundation’s full analysis of CBO’s new report.
Also, earlier today Foundation President Michael A. Peterson released a statement on the CBO summary, which can be found here.