Higher Interest Rates and the National Debt
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
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Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
“Today’s Trustees reports drive home the fact that the clock is ticking down on automatic cuts to Social Security and Medicare," said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/05/peterson-foundation-statement-on-2024-trustees-reports
Policymakers should build on this foundation of bipartisanship to begin the significant further reforms that are necessary to put our nation on a sustainable fiscal path.
“No review of the state of our union is complete without acknowledging our nation’s high and rising debt," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
“Our nation faces a range of critical challenges, but Americans understand that managing the debt is a key part of building America’s future,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2019/05/fci-press-release
The latest report from the nonpartisan Congressional Budget Office (CBO) reiterates that the federal budget is on an unsustainable trajectory.
Relative to the GAO’s last update of their long-term simulation, the nation’s fiscal condition has deteriorated.
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.
“As a new president and Congress take office, one thing hasn’t changed: our nation’s fiscal outlook remains unsustainable," Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, said in response to the Congressional Budget Office's Budget and Economic Outlook update.
https://www.pgpf.org/press-release/2017/01/statement-on-the-cbos-budget-and-economic-outlook
The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense