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America faces many critical questions about its future. As we continue to confront a global pandemic with devastating impacts on our health, economy and society, an effective federal response is necessary to help address critical needs and get our economy back on track.
The coronavirus (COVID-19) pandemic is an unprecedented national emergency requiring a significant federal response. This page provides resources and analysis, tracking the actions our leaders are taking to respond, and providing insights on the state of America’s fiscal and economic outlook during the recovery.
Debt held by the public would reach record levels relative to the size of the economy within the next two decades, and possibly as soon as 2032 — just 13 years from now.
Over the past decade, the United States has added trillions of dollars to its national debt. Much of that growth in debt occurred as a result of the Great Recession and the fiscal policy response to it.
The budget projections released by the Congressional Budget Office (CBO) in August reaffirm the perilous path of deficits and debt expected over the next decade.
Amid the debate over national priorities, one thing is clear: fiscal sustainability is essential to addressing the needs and ambitions of our society and building a vibrant future for generations to come.
The nonpartisan Congressional Budget Office projects that the federal debt could reach 175% of GDP by 2040.
As one decade ends and another begins, there’s no question that our fiscal outlook is daunting. But as we mark this milestone, it’s also helpful to take a closer look at projections from 10 years ago to assess how decisions by lawmakers and other factors have contributed to our fiscal outlook.
Without federal intervention, many services could be drastically reduced to meet balanced budget requirements.