Deficit to Rise Nearly 30% over Last Year, According to New White House Projections
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.
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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 2014 Trustees Reports make clear that essential programs, like Social Security and Medicare, are on an unsustainable path.
https://www.pgpf.org/infographic/2014-social-security-medicare-trustees-reports
“CBO’s report is filled with sobering projections that should be an urgent wakeup call for the Administration and Congress," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“On the heels of the first meaningful deficit reduction initiative in years in the Inflation Reduction Act, it’s highly irresponsible, unfortunate and unwise to wipe out those fiscal benefits with this announcement," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The Build Back Better Act includes spending on a wide variety of policy areas. If enacted, the legislation would provide benefits for many lower-income households and take steps to address climate change and other social investments.
https://www.pgpf.org/blog/2021/11/build-back-better-is-paid-for-but-uses-budget-gimmicks
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.
Today, Peterson Foundation President & CEO Michael A. Peterson testified before the Senate Budget Committee on ways to reform the federal budget process.
There is broad support among Democrats, Republicans and Independents for a bipartisan fiscal commission to address America's debt and deficit challenges according to a new poll commissioned by the Peter G. Peterson Foundation.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for August 2021.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-august-2021
CBO projects that, on our current path, deficits will reach $1 trillion by 2023 and total $9.4 trillion over the next ten years.
https://www.pgpf.org/analysis/2017/01/CBO-warns-deficits-will-reach-1-trillion-in-2023