CBO Director: Economy Rebounding but the Fiscal Situation Leaves the U.S. Vulnerable
America's economic rebound from the pandemic seems to have begun, according to Phillip Swagel, the director of the nonpartisan Congressional Budget Office.
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America's economic rebound from the pandemic seems to have begun, according to Phillip Swagel, the director of the nonpartisan Congressional Budget Office.
Many factors contribute to the long-term outlook for the U.S. economy and budget, but there are two major drivers of spending: demographics and rising healthcare costs.
https://www.pgpf.org/the-fiscal-and-economic-challenge/drivers
Spending for mandatory programs and net interest is projected to putpace all other non-interest spending.
https://www.pgpf.org/chart-archive/0174_SS_major_health_climb
Spending on the major healthcare programs, Social Security, and interest will continue to climb rapidly over the long term.
https://www.pgpf.org/chart-archive/0281_spending_to_climb_rapidly
While Congress and the President move forward on a budget deal that will add $1.7 trillion to the debt over the next 10 years, voters across party lines are increasingly concerned about the nation’s finances.
https://www.pgpf.org/press-release/2019/07/fci-press-release
Tax reform done right will promote economic growth, increase fairness and simplicity, and improve the nation’s fiscal outlook.
“This record level of voter concern about our national debt reinforces the urgent need for fiscal responsibility and should encourage lawmakers to fulfill their promise to fully fund new programs,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/10/fci-press-release
While a 10-year window is currently the standard, the number of years covered by budget resolutions has varied.