Interest Costs Rise Sharply in Latest CBO Report
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.
Read MorePresident Highlights Importance of Deficit Reduction
President Biden highlighted deficit reduction as a key way to relieve inflationary pressure and put our nation on a more sustainable economic path.
Read MoreNational Debt Passes $30 Trillion, and Fiscal Confidence Sinks to Seven-Year Low
Our high and rising debt is “a big burden placed on current citizens, based on our past budgetary irresponsibility,” said Michael Peterson.
Read More14 Charts That Illustrate Our Fiscal Situation as We Close Out 2021
These charts tell the fiscal story of 2021 and explore how our fiscal situation deteriorated over the past year and what challenges lie ahead.
Read MoreDeficits Will Remain over $1 Trillion for the Next Decade
Over the next 10 years, the cumulative deficit would total $13.9 trillion if the President’s policies were carried out.
Read MoreInterest Costs on the National Debt Projected to Nearly Triple over the Next Decade
The rising national debt carries substantial costs today and poses an even greater toll on America’s future.
Read MoreThe National Debt Will Hit Its All-Time High by the End of the Decade, and Other Takeaways from the Latest CBO Report
While deficits will decline over the next few years as the pandemic wanes and the economy recovers, the nation will remain on an unsustainable fiscal trajectory due to a structural mismatch between spending and revenues.
Read MoreNational Debt to Measure Nearly Double the Size of the Economy in 30 Years
The COVID-19 pandemic has led to a considerable increase in spending — but our long-term debt was already on an unsustainable path.
Read MoreNational Debt to Double in Size and Other Key Takeaways from the Latest CBO Report
Debt held by the public equaled the size of the economy in fiscal year 2020, and CBO expects that it will continue to climb.
Read MoreThe National Debt Will Grow to Be Twice the Size of the Economy
The debt growing to double the size of GDP is, in many respects, a symbolic milestone — but it is a clear indicator of the monumentally unsustainable path of our fiscal trajectory.
Read More