Statement on CBO’s Budget and Economic Outlook
Statement on CBO’s Budget and Economic Outlook
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on the Congressional Budget Office’s Budget and Economic Outlook update:
“As a new president and Congress take office, one thing hasn’t changed: our nation’s fiscal outlook remains unsustainable. Now is the time to tackle this long-standing issue.
“In today’s report, CBO projects that deficits will reach $1 trillion by 2023 and total $9.4 trillion over the next ten years. As our debt grows, so too do our borrowing costs — crowding out important investments in our economic future. Interest alone is projected to total $5.2 trillion in the next ten years, according to CBO’s latest projection.
“The long-term imbalance between revenues and spending must be taken into account as lawmakers look to address major policy areas, including healthcare and tax reform. These reforms should improve our fiscal outlook in the decades ahead, by stabilizing our debt as a share of the economy.”
For more information, read our analysis of the CBO report.
Further Reading
Budget Basics: What Is the Child Tax Credit?
The CTC provides assistance to families with children, and while it represents a relatively modest part of overall government spending, it is one of the largest tax expenditures.
Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
What Are the Economic Costs of Child Poverty?
Child poverty is higher in the United States than in other wealthy countries. Studies show that it has quantifiable economic costs.