President's Budget Relies on Optimistic Economic Projections and Unlikely Spending Cuts
The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.
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The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.
The budget projections from the Congressional Budget Office (CBO) in August reaffirm the perilous path of deficits and debt expected over the next decade.
High inflation breeds instability, raising the risk of both higher interest rates and recession.
"Over the long term, the president’s budget leaves in place a permanent mismatch between revenues and spending that will fuel a rising and unsustainable debt."
Discover why our fiscal health and economic strength are so closely tied, and why it is important to get the deficit under control and work toward a balanced budget.
Under CBO's own economic and technical assumptions, interest costs would climb sharply and mandatory spending would continue to grow.
https://www.pgpf.org/analysis/cbo-analysis-debt-remains-high-under-presidents-budget
The 114th Congress has a new opportunity to address our debt and long-term fiscal challenges, strengthen our economy, and put our nation's fiscal future on a sustainable path.
The country’s fiscal trajectory got notably worse over the past year.
As the national debt surpasses $30 trillion, voter confidence in America’s financial situation and budget outlook tied a 7-year low, according to the Peter G. Peterson Foundation’s newest monthly index.
https://www.pgpf.org/press-release/2022/01/fci-press-release
“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.