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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.
The Peter G. Peterson Foundation’s mission is to increase awareness of the nature and urgency of key fiscal challenges threatening America’s future and to accelerate action on them. The Foundation works with leading policy experts, elected officials, and the public to build support for solutions to put America on a sustainable fiscal path. The Foundation supports innovative projects, through grants and partnerships to educate and engage Americans from a variety of perspectives.
The latest budget outlook released by the Congressional Budget Office (CBO) is the first to fully capture the budgetary impact of the coronavirus (COVID-19) pandemic and the federal legislation enacted in response to it.
Following the pattern of previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
The latest report from the non-partisan Congressional Budget Office (CBO) reiterates that the federal budget is on an unsustainable trajectory.
At $23 trillion and rising, the national debt threatens America’s economic future. Here are the top ten reasons why the national debt matters.
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.
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.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.