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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 PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues.
The United States spends more on defense than the next 11 countries combined.
Interest costs are projected to grow substantially.
Discretionary spending is projected to remain below its historical average.
Social Security and major health programs account for over three-quarters of mandatory spending.
Net interest costs on the national debt are projected to rise sharply.
The U.S. spent more on interest on the national debt than it has on other national priorities over the past decade.
Defense spending is projected to stay below its historical share of GDP.