FISCAL BLOG

Americans and the economy are vulnerable to a series of high-stakes fiscal deadlines, with an uncertain path forward.

This year’s report demonstrates why lawmakers should focus their attention toward improving our nation’s debt path as soon as possible.

The deficit could reach $1 trillion this year, according to the Office of Management and Budget (OMB), which released its annual mid-session review on Friday.

The nonpartisan Congressional Budget Office (CBO) released its 2019 Long-Term Budget Outlook, highlighting the significant fiscal challenges facing our nation.

CBO estimates that the national debt would climb from 78% of gross domestic product (GDP) in 2018 to 87% of GDP by 2029 under the president's policies.

The amount spent by the federal government on interest is large and growing. Net interest will become the third largest "program" in the budget by 2025.

Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade.

Overall healthcare costs — including all private and public spending — are anticipated to rise by an average of 5.5 percent per year over the next decade.

Growth over the next few years is expected to slow as the recent fiscal stimulus wanes.

Debt held by the public would reach record levels relative to the size of the economy within the next two decades, and possibly as soon as 2032.