Statement on CBO’s Updated 10-Year Budget Projections
Statement on CBO’s Updated 10-Year Budget Projections
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today as the Congressional Budget Office released its updated 10-year budget projections:
“Today, CBO highlights once again that America is on an unsustainable fiscal path that threatens our economic future.
“The era of declining deficits has clearly come to an end, as the 2016 deficit will rise to $534 billion, nearly $100 billion higher than last year. By 2022, CBO projects that annual deficits will once again exceed the trillion mark — reaching $1.3 trillion in 2026 and totaling $9.3 trillion over the next 10 years. Interest costs alone will total $5.8 trillion over the next 10 years, becoming our third largest federal ‘program.’
“This election season is a perfect opportunity for a national conversation about our nation’s long-term fiscal and economic health. Americans are asking candidates to put forward a plan, and candidates have a responsibility to tell voters their ideas to put our debt on a sustainable path, and build a strong economy in the decades ahead.”
For the full CBO report, click here.
Further Reading
New CBO Projections Show Lower Short-Term Rates than Previously Expected – but Longer-Term Rates Will Rise
Understanding interest rate trends is critical to the nation’s fiscal outlook because they are a significant factor for interest costs within the budget.
How Much Can DOGE Really Save by Cutting Down on Improper Payments?
The Government Accountability Office (GAO) has tried to quantify the extent of improper payments and estimates that they totaled $236 billion in 2023.
Continuing Resolutions Are Stopgap Measures — But Now We Average Five a Year
While continuing resolutions can help avoid government shutdowns, they should be rarely used. However, CRs have become the norm.