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The deficit is projected to reach $1 trillion this year, according to the Office of Management and Budget (OMB), which released its annual mid-session review on Friday.
The United States leads the world in an unfortunate category: the pace of growth in its debt.
CBO projects that if current laws remain in place, federal debt will rise to 144 percent of gross domestic product (GDP) within 30 years – far exceeding its all-time high, and nearly doubling today’s level.
Peterson Foundation’s ‘Solutions Initiative’ Produces Policy Options to Build Stronger Fiscal Future for America.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
The 50 U.S. states pull in over $2 trillion in revenue each year and, along with local governments, employ nearly 20 million people. A new report sheds light on budgets at the state level, grading performance and identifying best practices for improvement.
The students who participated in the fifth annual competition attest that when it comes to our steep fiscal challenges, the country’s emerging leaders have been galvanized into action.
The International Monetary Fund warns that U.S. debt levels pose a risk for future economic growth and fiscal stability.
Federal debt is already at its highest level as a percentage of GDP since 1950 and would exceed its all-time high by 2034 under current law.