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CBO projects that federal debt will climb to 141 percent of GDP within 30 years — exceeding the highest level of debt ever recorded at the end of World War II by a large margin.
“By any measure, the state of the Union’s fiscal outlook is unsustainable, and getting worse,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The dust has barely settled on the midterm elections, but there are a number of key fiscal issues not only facing the current Congress in coming weeks, but also awaiting the new Congress, which will convene in early 2019.
The 116th Congress also marks a return to divided government with the Senate controlled by Republicans and the House by Democrats. This new landscape in Washington means there is both a requirement and a valuable opportunity for lawmakers to work together on fiscal solutions.