Analysis: Happy Fiscal New Year 2016
Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
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Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
“We all know we are already on a troubling fiscal path, but today’s CBO report shows us that our leaders are making things considerably worse," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The long-term budget outlook has deteriorated significantly since last year, when CBO projected debt would reach 111% of GDP in 30 years under current law.
https://www.pgpf.org/analysis/2016/07/cbo-long-term-budget-outlook-worse-than-last-year
"CBO makes clear that America’s fiscal outlook over the long term remains unsustainable and threatens our economy."
The CBO provides two projections of the nation's fiscal future over the next 75 years: one based upon laws currently on the books; and one that reflects selected changes to those laws that lawmakers are widely expected to make.
https://www.pgpf.org/analysis/cbo-releases-the-2010-long-term-budget-outlook
The Congressional Budget Office released its 2015 Long-Term Fiscal Outlook, which projects that by 2040, federal debt will climb to over 100 percent of GDP under current law and could reach 175 percent of GDP under less optimistic assumptions.
In 2008, the Peter G. Peterson Foundation was established with the goal of preserving the American Dream for the next generation. My father saw our high and rising debt as a transcendent threat to our future economy – posing a risk to every American, and our leadership role in the world.
Michael A. Peterson releases a statement on the Congressional Budget Office's budget and economic outlook.
The Peter G. Peterson Foundation on the Congressional Budget Office outlook.
“Our mounting debt threatens economic growth, reduces our flexibility to deal with future crises, and diminishes America’s role in the world.," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.