Understanding Complex Budget Terms and Processes: What Are Discretionary Spending Caps?
There is one cap for national defense and another cap for non-defense programs.
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There is one cap for national defense and another cap for non-defense programs.
“This bill demonstrates that you can invest in areas of national interest while improving our fiscal outlook at the same time," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
"The deficit has essentially doubled in just one year. That’s very alarming, but the fact that the deficit grew so much during a time of economic growth is an even more serious warning sign for our nation’s future."
https://www.pgpf.org/press-release/2023/10/peterson-foundation-statement-as-deficit-soars
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for October 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-october-2023
“This is an example of how our leaders can pay for their priorities, whatever they may be, while helping to improve America’s fiscal and economic future at the same time," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The total cost of the Tax Cuts and Job Act is estimated to be $1.7 trillion between 2018 and 2027.
https://www.pgpf.org/blog/2017/11/what-the-interest-on-deficit-funded-tax-legislation-would-cost
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for September 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-september-2023
“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