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PGPF Solutions Initiative plans from five think tanks show declining federal debt through 2037.
PGPF Solutions Initiative III plans from five think tanks show declining federal debt through 2039.
U.S. dependency on foreign lenders to finance the public debt has risen sharply.
Mandatory spending accounts for about 60 percent of the budget.
Growth in Social Security, Medicare, and Medicaid have accounted for most of the increases in government spending since the 1960s.
Nondefense discretionary spending includes many programs that could promote future economic growth.
Waiting to act raises the cost of stabilizing the debt.
The growing debt is caused by a structural mismatch between spending and revenues.
Historically, debt and deficits rose with wars and economic downturns. Today, they rise from factors such as growing healthcare costs and an aging population.