Today’s update from the CBO provides a sobering reality check on campaign calls for major spending increases or big tax cuts. The alarming budget outlook during a period of sustained economic growth and low unemployment reflects the continuing failure of elected officials in Washington to acknowledge that the federal budget is on a perilous path, much less do anything about it. At a time when we should be seeing budget deficits shrink, they are projected to average over $1.3 trillion annually for the next decade. Even if offsetting actions are taken to “pay for” new initiatives, keeping the debt from rising higher than current projections would do nothing to address the unsustainable path the budget is already on.
Robert L. Bixby
The Concord Coalition