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While this year’s deficit looks much better primarily due to the expiration of pandemic relief programs, CBO projects that the deficit will soon begin to climb again.
https://www.pgpf.org/blog/2022/05/interest-costs-rise-sharply-in-latest-cbo-report
“Earlier this month, the Congressional Budget Office released new data showing that interest costs in 2024 will total a staggering $870 billion, a jump of 32 percent and more than $2 billion per day,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/02/fci-press-release
Voters are deeply concerned about interest costs eating up more and more of the federal budget.
The most recent projections from CBO confirm once again that America’s fiscal outlook is on an unsustainable path — increasingly driven by higher interest costs.
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues.
“Interest costs are skyrocketing to record levels, damaging our nation’s budget, economy and future," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Here are eleven charts that tell America’s fiscal story for 2019 — and show how our outlook went from bad to worse over the last 12 months.
https://www.pgpf.org/blog/2021/07/11-charts-that-show-how-our-national-debt-grew-in-2019