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The budget projections released by the Congressional Budget Office (CBO) in August reaffirm the perilous path of deficits and debt expected over the next decade.
The United States spent $631 billion on national defense during fiscal year (FY) 2018 according to the Office of Management and Budget, which amounts to 15 percent of the federal budget.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
At $22 trillion and rising, the national debt threatens America’s economic future. Here are the top ten reasons why the national debt matters.
CBO projects that if current laws remain in place, federal debt will rise to 144 percent of gross domestic product (GDP) within 30 years – far exceeding its all-time high, and nearly doubling today’s level.
https://www.pgpf.org/analysis/2019/06/cbo-warns-historic-debt-levels-pose-substantial-risks
There is one cap for national defense and another cap for non-defense programs.
Americans want to live in a nation with widespread opportunity, a positive leadership role in the world, and a bright economic future for generations to come.
Federal trust funds bear little resemblance to their private-sector counterparts.
https://www.pgpf.org/budget-basics/budget-explainer-what-are-federal-trust-funds
Although the debt-to-GDP ratio would decline under the president’s budget, the budget misses an opportunity to address the structural causes of our debt, and relies instead on overly optimistic economic assumptions and reductions in spending that are unlikely to come to pass.
Increasing the debt limit allows the Treasury to borrow funds to pay for government obligations that have already been incurred as the result of laws and budgets approved by the President and Congress.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences for both the federal government and the economy.
https://www.pgpf.org/analysis/2019/02/debt-ceiling-update-whats-at-stake
