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Higher short- and long-term Treasury rates mean that the federal government’s borrowing costs will also rise, thereby generating significant consequences for the budget and the national debt.
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
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.
CBO estimates that in 2017 the number of uninsured people under age 65 rose by 1 million people and they anticipate the total to rise by another million people this year.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of the country’s two largest entitlement programs, Social Security and Medicare.
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019–2028.
The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.