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"Today’s CBO report confirms that the era of declining deficits is over," according to Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
A new report from the George W. Bush Institute highlights the economic competitiveness and strength of North America — but warns that fiscal policy in the United States poses a challenge to growth.
https://www.pgpf.org/blog/2016/12/report-us-debt-a-drag-on-competitiveness
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.
https://www.pgpf.org/analysis/2017/06/cbo-unsustainable-deficits-threaten-future-economic-growth
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.
Even if Congress raises the debt limit and avoids default, last-minute brinksmanship alone has the potential to create economic damage.
https://www.pgpf.org/blog/2017/09/how-the-lack-of-action-on-the-debt-limit-can-hurt-the-economy
A dyanmic panel brought perspectives from across the country to assess the current state of America’s economic engine and the role that state and local governments play in our nation’s fiscal and economic future.
“Today’s CBO report confirms that major damage was done to our fiscal outlook in just the past few months," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“Our country is on an unsustainable fiscal path, and reforming our broken budget process can be an important part of improving our fiscal future," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.