A strong fiscal outlook is an essential foundation for a growing, thriving economy. Putting our nation on a sustainable fiscal path creates a positive environment for growth, opportunity, and prosperity. Unfortunately, America is on a dangerous long-term fiscal path. The nonpartisan Congressional Budget Office (CBO) projects that national debt could rise to 150 percent of gross domestic product (GDP) by 2047. If our long-term fiscal imbalance is not addressed, our future economy will be diminished, with fewer economic opportunities for individuals and families, and less fiscal flexibility to respond to future crises.
The good news is that there is still time to act. While recent actions have actually made the budgetary situation worse, there are solutions to strengthen our fiscal and economic future.