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CBO projects that, on our current path, deficits will reach $1 trillion by 2023 and total $9.4 trillion over the next ten years.
What does reinstating the debt ceiling mean for federal policymaking and the economy?
The President's budget has a worthy goal of deficit reduction. However the economic assumptions underlying the president’s budget are optimistic.
On our current path, CBO projects that deficits will reach $1.0 trillion by 2022 and total $10.1 trillion over the next ten years.
Using its own economic and technical assumptions, CBO finds that the budget would not reach balance in 2027 as the administration projects — but instead the deficit would grow from $693 billion in 2017 to $720 billion in 2027.
As the large baby boom generation enters retirement and Americans continue to enjoy longer lifespans, more and more individuals will collect benefits from the system and for longer periods, while relatively fewer workers will contribute taxes to support it.
An aging population and rising per-enrollee healthcare costs will drive sharp increases in Medicare spending, which will not keep pace with the program’s funding sources.
By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but provide long-run economic benefits for American families (in terms of real GNP growth) without inflicting undue damage on the U.S. economy in the near term.
As Congress returns from its August recess, lawmakers face a to-do list filled with important fiscal deadlines.