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The OMB released its mid-session review, an annual update and revision of White House budget projections. This report marked the first time that the administration has acknowledged that deficits will surpass $1 trillion in the near term — a level that should be a wake-up call to all Americans.
https://www.pgpf.org/blog/2018/07/trump-administration-acknowledges-trillion-dollar-deficits
Unless Congress can set aside partisanship and address our nation’s fiscal challenges, the growing national debt will “seriously jeopardize and undermine the American economy,” according to former Secretary of Defense Leon Panetta.
Federal debt is already at its highest level as a percentage of GDP since 1950 and would exceed its all-time high by 2034 under current law.
https://www.pgpf.org/analysis/2018/07/cbo-warns-historic-debt-levels-threaten-economy
Federal debt is already at its highest level since 1950 and is projected to climb to 152 percent of GDP under current law by 2048 — by far an all-time high.
https://www.pgpf.org/blog/2018/06/four-key-takeaways-from-the-cbo-2018-long-term-outlook
PAYGO is a budget enforcement mechanism intended to prevent passage of legislation that increases deficits.
“CBO’s report is filled with sobering projections that should be an urgent wakeup call for the Administration and Congress," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
Here are the top ten spending categories for the federal budget.
https://www.pgpf.org/budget-basics/top-10-largest-budget-functions
“These reports drive home the urgent need to ensure that the critical Medicare and Social Security programs are sustainable into the future," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“We’re clearly heading in the wrong direction, and it’s unfortunate that our leaders are not putting forward credible plans to improve our fiscal foundation," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
