CBO’s Updated Projections Show Deficits Continuing to Climb, Despite Growing Economy
Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade.
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Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade.
“Leaders from both parties have pledged to fully offset the cost of new spending, and voters want them to honor this commitment,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/07/fci-press-release
“Americans across party lines understand that fiscal responsibility is an essential component of effective leadership and policymaking,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/06/fci-press-release
Although a return to a normalized interest environment is a good sign for the strength of the economy, rate increases will make it more expensive to borrow.
Budget process rules like PAYGO help ensure that fiscal considerations are an important part of policymaking.
https://www.pgpf.org/blog/2019/01/the-house-is-returning-to-PAYGO
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented this evening on the President’s annual State of the Union address.
Funding Will Support New Research to Analyze Economic Implications of COVID-19 Pandemic, Illuminate Solutions for Policymakers
“The writing on the wall couldn’t be any more clear: Social Security and Medicare remain on a dangerously unsustainable path," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
President Obama's budget keeps the debt from rising as a share of the economy, but it does not address the key drivers of our long-term unsustainable debt.
The IMF raises concerns that progress on important fiscal issues is being hampered by political dysfunction in Washington.