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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.
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 International Monetary Fund warns that U.S. debt levels pose a risk for future economic growth and fiscal stability.
The OMB released its mid-session review, an annual update and revision of White House budget projections. This report marked the first time that the administration has acknowledged that deficits will surpass $1 trillion in the near term — a level that should be a wake-up call to all Americans.
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.
These charts illustrate some of the biggest fiscal policy stories from 2017.