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The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.
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
Here are the top ten spending categories for the federal budget.
https://www.pgpf.org/budget-basics/top-10-largest-budget-functions
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
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.
Although the need for serious, long-term changes to the funding structure of the Highway Trust Fund is clear, there is disagreement over the approach to do so.
https://www.pgpf.org/budget-basics/budget-explainer-highway-trust-fund
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
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
https://www.pgpf.org/analysis/2018/07/trustees-funding-challenges-threaten-medicares-future
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.