Understanding Complex Budget Terms and Processes: What is PAYGO?
PAYGO is a budget enforcement mechanism intended to prevent passage of legislation that increases deficits.
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PAYGO is a budget enforcement mechanism intended to prevent passage of legislation that increases deficits.
“This new CBO report shows that our national debt will reach a record level over the next decade," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
All three budget plans achieve deficit reduction within the 10-year window relative to current law, though they make different choices on revenues and spending levels for particular programs and achieve different results.
CBO projects that federal debt will remain at historically high levels over the next decade under current laws and warns that such high levels of debt could harm the economy.
https://www.pgpf.org/analysis/cbo-warns-fiscal-path-is-unsustainable-and-threatens-economic-growth
“As leaders continue to seek bipartisan common ground on investments in our nation’s infrastructure, it’s critical that they maintain a fiscally responsible approach and pay for their priorities," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
"Like the House bill, the Senate proposal includes reforms that are neither permanent nor paid for, both of which impede the objective of growing the economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/11/peterson-foundation-statement-on-senate-tax-bill
Today, the Congressional Budget Office released its Update to the Budget and Economic Outlook: 2015-2025, which projects that federal debt will rise to 77 percent of GDP in 2025, a historically high level of debt that threatens economic growth over the long term.
The President's budget has a worthy goal of deficit reduction. However the economic assumptions underlying the president’s budget are optimistic.
https://www.pgpf.org/analysis/2017/05/analysis-of-the-presidents-fy-2018-budget