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Here are five key takeaways from CBO’s latest projections that show the path of federal revenues, spending, and debt through 2050.
https://www.pgpf.org/blog/2020/09/new-cbo-report-pandemic-accelerates-existing-fiscal-challenges
The latest budget outlook released by the Congressional Budget Office (CBO) is the first to fully capture the budgetary impact of the coronavirus (COVID-19) pandemic and the federal legislation enacted in response to it.
Spending for the major healthcare programs will continue to climb rapidly over the long term.
https://www.pgpf.org/chart-archive/0281_major_health_spending_to_climb_rapidly
Social Security and major health programs account for over three-quarters of mandatory spending.
Discretionary spending is projected to remain below its historical average.
https://www.pgpf.org/chart-archive/0185_discretionary_spending
The coronavirus (COVID-19) pandemic has contributed to a significant budget crunch at the state level that threatens a range of basic government programs and services. Some states were better prepared than others to handle this crisis.
The national debt has risen dramatically over the past several months.
https://www.pgpf.org/chart-archive/0322_debt_projection_next_year
Federal deficits will exceed $1 trillion each year over the next decade
As of August 27, 2020, the Treasury has disbursed nearly all of the total $150 billion allocated in the Coronavirus Relief Fund.
https://www.pgpf.org/blog/2020/09/what-is-the-coronavirus-relief-fund-how-much-is-left-in-it
“In the short term, nothing is more important to our economy and our health than defeating this virus, but Americans understand that we will need to return our attention to the nation’s fiscal health once the crisis has passed,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2020/08/fci-press-release