By: Michael A. Peterson
NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today as the Congressional Budget Office released its Updated Budget Projections for 2014-2024:
"CBO's report shows that the current period of declining deficits is a temporary phenomenon. In fact, our deficits will begin rising again in just two years — and that’s before the major long-term drivers of our debt kick in. Interest costs alone will be a staggering $5.8 trillion over the next 10 years, becoming the third largest 'program' in the federal budget, crowding out important investments in our own future. 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. The good news is that solutions exist and we still have time to put a plan in place that will strengthen our recovery and build a solid fiscal and economic foundation for America in the decades ahead."
CBO’s Updated Budget Projections 2014-2024 includes the following key findings:
For the full CBO report, click here.