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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.
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
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.
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
The federal budget is on an unsustainable and damaging fiscal trajectory, according to a new report from the non-partisan Congressional Budget Office.
https://www.pgpf.org/analysis/2019/02/cbo-report-highlights-unsustainable-fiscal-outlook
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.
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
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
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.
https://www.pgpf.org/analysis/2018/04/cbo-report-outlines-dramatically-worse-fiscal-outlook
