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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.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
Our fiscal imbalance crowds out priorities, threatens our economic health, increases the likelihood of a fiscal crisis in the future, and will inhibit our ability to deal with such a crisis if it comes.
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.