Washington, D.C. – New projections from the Congressional Budget Office today confirm that this year’s federal budget deficit is on track to grow faster than the economy for the first time since 2009, another sign that the next administration and Congress must address this issue, Shai Akabas, director of fiscal policy at the Bipartisan Policy Center, said.
“CBO confirms once again that the days of declining deficits are over. With deficits on track to grow every single year for the next decade and beyond, this is a problem that the next president and Congress cannot afford to ignore,” Akabas said.
CBO projects that this year’s deficit will be $590 billion—a $56 billion increase from their previous projection in March. By 2024, annual deficits are projected to be more than a trillion dollars.
“Growing deficit projections are far from the only economic challenge that the U.S. faces, but they are emblematic of an inefficient tax code and growing entitlement spending that are crowding out much–needed investment in defense and domestic priorities,” Akabas said.
“Unfortunately, neither presidential candidate has yet offered any real solutions to correct these imbalances—in fact, many of their tax and spending proposals would make it worse. In the 76 days between now and when Americans head to the polls, voters deserve answers from their potential leaders about how they propose to create a sustainable fiscal future for all,” Akabas said.
Shai Akabas is available for comment.