CBO Warns of Fiscal Crisis in Long-Term Budget Outlook

Blog: Cato at Liberty

Abstract

The Congressional Budget Office's latest 30‐​year budget projections forecast rising debt, deficits, and interest costs, which will undermine US investment and economic growth and hurt American incomes. Rising spending on old‐​age entitlement programs, primarily Medicare and Social Security, is mostly to blame. Legislators must act to achieve a sustainable budget policy and avert a future fiscal catastrophe.