Michael A. Peterson, PGPF President and COO, today released an official Foundation statement on the Congressional Budget Office's new Budget and Economic Outlook for fiscal years 2015-2025. The following is an excerpt:
"Today's CBO report reminds us once again that our nation has significant fiscal challenges that have yet to be solved. In fact, despite recent improvements, CBO projects that deficits will begin rising again in just 2 years. Soon thereafter, the fundamental drivers of debt, including our aging population and rising healthcare costs, will lead to much more rapid increases in our long-term debt. Interest costs alone are on track to rise to $5.6 trillion over the next 10 years, becoming the third largest federal 'program' and threatening to crowd out critical investments in our economic future. We can't let our future be diminished by our past."
For the full statement, including information directly from the CBO Outlook, click here. For more of PGPF's statements and press releases, click here.