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CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019–2028.
https://www.pgpf.org/analysis/2018/04/cbo-report-outlines-dramatically-worse-fiscal-outlook
The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.
Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
As Congress returns from its August recess, lawmakers face a to-do list filled with important fiscal deadlines.
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.
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.
https://www.pgpf.org/analysis/2017/07/medicare-trustees-warn-of-serious-financial-shortfalls
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.
https://www.pgpf.org/analysis/2017/07/trustees-warn-social-security-in-financial-trouble
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.
https://www.pgpf.org/analysis/2017/07/cbo-debt-remains-high-under-presidents-budget
