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Making changes to defense, health care and Social Security will help us reduce our debt, and also leave money to fund other critical responsibilities and invest in our future.
The rapid growth in health care costs is the largest and fastest growing fiscal challenge.
The defense share of the federal budget has averaged 21 percent over the past two decades.
Social Security is an important program that is part of the fabric of America. We must ensure that Social Security is available for future generations.
Under the GAO’s most realistic fiscal scenario, debt held by the public will exceed 109 percent of GDP by 2020.
While proposals to raise the retirement age are intended to improve the financial health of the Social Security program, GAO finds that such changes could produce an opposite result, while also having an adverse impact on some of society’s most vulnerable members.
These projections provide fresh evidence that the nation’s fiscal policy is on an unsustainable course and changes in policy will be needed.
Relative to the GAO’s last update of their long-term simulation, the nation’s fiscal condition has deteriorated.
Chairman Paul Ryan's budget aims to shrink the size of government to about 20 percent of gross domestic product (GDP) in 2015 and to 15 percent of GDP in 2050.