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Higher short- and long-term Treasury rates mean that the federal government’s borrowing costs will also rise, thereby generating significant consequences for the budget and the national debt.
Tax reform done right will promote economic growth, increase fairness and simplicity, and improve the nation’s fiscal outlook.
Our fiscal imbalance crowds out priorities, threatens our economic health, increases the likelihood of a fiscal crisis in the future, and will inhibit our ability to deal with such a crisis if it comes.
The budgetary and economic effects of proposed tax legislation are a critical element of the debate.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
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.
CBO estimates that in 2017 the number of uninsured people under age 65 rose by 1 million people and they anticipate the total to rise by another million people this year.