Understanding Complex Budget Terms and Processes: What Are Discretionary Spending Caps?
There is one cap for national defense and another cap for non-defense programs.
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There is one cap for national defense and another cap for non-defense programs.
“As troubling as this year’s deficit is, it’s just the beginning of large and growing deficits as far as the eye can see," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.
The latest Financial Times-Peterson Foundation US Economic Monitor, released on July 7, 2020, reveals timely data about Americans’ deep concerns about the health and economic effects of the coronavirus (COVID-19) pandemic.
Establishing a framework for long-term fiscal sustainability will narrow the gap between federal revenues and spending, and, by doing so, improve prospects for economic growth.
The latest Financial Times-Peterson Foundation US Economic Monitor, released on June 4, 2020, reveals how the coronavirus pandemic continues to have significant financial and economic impacts across wide swaths of American society.
The reports provide both the short-and long-term financial outlooks for the trust funds.
CBO finds that the budget would not reach balance in 2027 as the administration projects.
https://www.pgpf.org/analysis/2017/07/cbo-debt-remains-high-under-presidents-budget
The Social Security Trustees's 2011 financial report warns that Social Security is in a weakened financial position in the short run and in an unsustainable condition in the long run.
https://www.pgpf.org/analysis/financial-condition-of-social-security
The nation's long-term fiscal outlook is unsustainable. Publicly held debt currently equals 70 percent of gross domestic product, the most common measure of an economy's size.
https://www.pgpf.org/budget-basics/state-of-the-unions-finances/introduction
The United States, by far, spends the greatest amount on military (in nominal terms) than any other country.
https://www.pgpf.org/analysis/why-defense-matters-for-deficit-reduction