The Budget and Economic Outlook: 2017 to 2027

Description

I n fiscal year 2016, for the first time since 2009, the federal budget deficit increased in relation to the nation's economic output. The Congre ssional Budget Office pro- jects that over the next deca de, if current laws remained generally unchanged, budget deficits would eventually follow an upward trajectory-the result of strong growth in spending for retirement an d health care programs tar- geted to older people and rising interest payments on the government's debt, accompanied by only modest growth in revenue collections. Those accumulating deficits would drive debt held by the public from its already high level up to its highest percentage of gross domestic prod- uct (GDP) since shortly after World War II. CBO's estimate of the deficit for 2017 has decreased since August 2016, when the agency issued its previous esti- mates, primarily because mandatory spending is expected to be lower than earlier anticipated. 1 However, the cur- rent projection for the cumulative deficit for the 2017- 2026 period is about the same as that reported in August

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  The Budget and Economic Outlook: Fiscal Years 2013 to 2023

  • 2013
  • 74 pages
  • Ebook
  • Congressional Budget Office