House Tax Bill Adds $1.7 Trillion to Deficits When You Include Interest
The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
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The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
"In today’s reports, the Trustees once again warn us that Social Security and Medicare are unsustainable and in danger of becoming insolvent," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“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.
“Today’s CBO report shows ten straight years of trillion-dollar deficits. That’s a sad reflection of our nation’s poor fiscal health, and it adds insult to injury that we’re piling on all this debt in a growing economy,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Financing the debt will become more burdensome now that interest rates have returned to their pre-pandemic levels.
Fixing the budget requires addressing the root cause of the long-term deficits: escalating Social Security and Medicare shortfalls.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for November 2022.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-november-2022
Inflation and interest rates will have important impacts on the long-term federal budget outlook.
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, released the following statement today following Senate approval of the Bipartisan Budget Act of 2013.
"Despite the harangue of the political class, for many Americans 'bipartisanship' is not a dirty word," writes Michael Steele.