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
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Labor supply plays a central role in the United States’ fiscal outlook and currently stands at a turning point.
The Current Ratio of Workers to Social Security Beneficiaries Is at an All-Time Low and Projected to Decline Further
Social Security has been a cornerstone of economic security for more than 90 years, but the program is on unsound footing.
The Four Key Institutions in the Federal Budget Process
Four institutions provide the analytical foundation for nearly every federal budget decision.