Statement on CBO’s Budget & Economic Outlook Summary
Statement on CBO’s Budget & Economic Outlook Summary
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 summary:
“Today’s CBO report highlights the fact that our budget outlook has worsened considerably since last year. Unfortunately, we remain on a dangerous debt path, which threatens our future economy.
“CBO indicates that the positive era of declining deficits since the recession has come to an unfortunate end. The 2016 deficit will climb to $544 billion — $105 billion more than last year. By 2022, annual deficits will once again exceed the trillion mark — reaching $1.4 trillion in 2026 and totaling $9.4 trillion over the next 10 years. Interest costs alone will total $5.8 trillion over the next 10 years.
“CBO makes clear that America’s fiscal outlook over the long term remains unsustainable, and threatens our economy. The 2016 election is an important opportunity for a national conversation, as voters across the country are calling on candidates to put forward their plans to secure America’s fiscal and economic future.”
Further Reading
Growing Momentum for a Fiscal Commission in Congress
A fiscal commission would provide the space and structure for lawmakers to comprehensively review the entire budget and improve the fiscal path of the U.S.
Senators We Elect in 2026 Will Have to Deal with Automatic Social Security Cuts
Without congressional action within the next six years, millions of Social Security recipients will face an automatic benefit cut of approximately 22 percent.
What Is Stagflation, and How Would It Affect the National Debt?
Stagflation is rare, but when it does happen, it can have significant negative consequences for the economy and the national debt.