Statement from the Peterson Foundation on CBO’s Budget and Economic Outlook
Statement from the Peterson Foundation on CBO’s Budget and Economic Outlook
NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, released the following statement as the Congressional Budget Office released its Budget and Economic Outlook for 2014-2024:
“This report makes clear that the recent improvement in deficits will be short-lived unless we get back to work on fiscal solutions. CBO projects that our deficits will begin rising again within just 2 years, and will grow even more rapidly beyond the 10-year window. CBO estimates that interest costs alone will be a staggering $5.8 trillion over the next 10 years, and become the third largest ‘program’ in the federal budget by 2021. To solve this problem for the long term, we must address the fundamental drivers of our debt, which are high and rising health care costs, an aging population, and an inadequate tax system. Putting our long-term debt on a sustainable path will build confidence today, and ensure economic opportunity and prosperity for future generations.”
For the full CBO report, click here.
Further Reading
U.S. Population Growth Is Slowing Down— Here’s What That Means for the Federal Budget
Understanding how demographic challenges contribute to the United States’ fiscal challenges can help policymakers adopt fiscally sustainable policies.
Can a Rescissions Package Help Lawmakers Formalize DOGE Cuts?
There has recently been significant discussion surrounding spending cuts proposed by the Department of Government Efficiency (DOGE), including questions about how and whether cuts identified…
Full Array of Republican Tax Cuts Could Add $9 Trillion to the National Debt
Fully extending the TCJA would cost approximately $5.0 trillion, while other elements of the Republican tax agenda also have large price tags over ten years.