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
What Is the Premium Tax Credit?
The premium tax credit reduces the cost of health insurance for millions of Americans. It is also one of the largest federal tax expenditures.
National Debt Projected to Hit 175% GDP; Interest Totals $99 Trillion
Compared with the previous 30-year projections, spending will be higher, revenues lower, interest rates and interest payments elevated, and the national debt significantly larger.
Federal Healthcare Costs on Track to Reach $3.1 Trillion by 2036
Federal healthcare programs are among the fastest-growing drivers of federal spending, and their continued growth will put significant upward pressure on the national debt.