FISCAL BLOG

The deficit is projected to reach $1 trillion this year, according to the Office of Management and Budget (OMB), which released its annual mid-session review on Friday.

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The words debt and deficit come up frequently in debates and conversations about the policy decisions that lawmakers face. The two concepts are similar, but are often confused.

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The United States leads the world in an unfortunate category: the pace of growth in its debt.

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The non-partisan Congressional Budget Office (CBO) released its 2019 Long-Term Budget Outlook, highlighting the significant fiscal challenges facing our nation.

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CBO estimates that the national debt would climb from 78 percent of gross domestic product (GDP) in 2018 to 87 percent of GDP by 2029 under the president’s policies.

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The amount spent by the federal government on interest is large and growing. Recent Congressional Budget Office (CBO) projections show that net interest will become the third largest “program” in the budget by 2025.

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Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade according to projections by The Congressional Budget Office (CBO).

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Overall healthcare costs — including all private and public spending — are anticipated to rise by an average of 5.5 percent per year over the next decade.

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Growth over the next few years is expected to slow as the recent fiscal stimulus wanes.

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The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.

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Ten Year Report

A decade of work addressing America's fiscal challenges to secure a healthy, growing economy.

FISCAL ISSUES ILLUSTRATED

This series of infographics helps put some of today's most pressing fiscal debates in context.