The new Congressional Budget Office projections show that federal debt remains on an unsustainable long-term growth trajectory with no signs of abating.
Bill Hoagland discusses the possibility of tax reform on NPR’s “All Things Considered.”
With the economy showing positive signs on employment, now is the right time to phase in commonsense deficit reduction policies.
The federal budget deficit for FY 2016 rose over the previous year, showing that the recent trend of annual declines in deficits has ended.
New projections from CBO confirm that this year’s federal budget deficit is on track to grow faster than the economy for the first time since 2009.
CBO estimates that under the president’s budget, the national debt relative to the size of the economy would still be more than double its historical average.
Fiscal Year 2016 will see a deficit of $544 billion, which is $139 billion higher than the FY16 projection by CBO just last August.