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Although President Obama’s budget keeps the debt from rising as a share of the economy over the next 10 years, it does not sufficiently address the key drivers of our long-term unsustainable debt.
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.
The contentious budget battles of recent years have contributed to a decline in the public’s faith in the political system. A new report suggests a way forward.
https://www.pgpf.org/blog/2016/12/six-ideas-to-improve-the-budget-process
The long-term budget outlook has deteriorated significantly since last year, when CBO projected debt would reach 111 percent of GDP in 30 years under current law.
https://www.pgpf.org/analysis/2016/07/cbo-long-term-budget-outlook-worse-than-last-year
