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Under the GAO’s most realistic fiscal scenario, debt held by the public will exceed 109 percent of GDP by 2020.
Rising inflation usually prompts higher interest rates, which in turn boost interest paid on the federal debt and thereby increase annual deficits.
https://www.pgpf.org/blog/2023/08/how-does-inflation-affect-the-federal-budget
Peter G. Peterson pens an op-ed in the Wall Street Journal about tax aversion syndrome.
https://www.pgpf.org/press-release/tax-aversion-syndrome-and-our-deficit-future-by-peter-g-peterson
Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.
Interest costs are on track to become the largest category of spending in the federal budget.
https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt
According to CBO, provisions in the Fiscal Responsibility Act of 2023 will result in a $1.5 trillion decrease to the deficit over the next 10 years.
https://www.pgpf.org/blog/2023/06/how-much-will-the-debt-ceiling-deal-reduce-deficits