The Looming Budget Disaster

CNBC: “The Congressional Budget Office in its 2017 Long-Term Budget Outlook issued a dire warning to D.C. policymakers about the likely consequences of continued inaction on the budget deficit.”

“Thanks largely to the growing costs for programs like Medicare and Social Security, the federal debt will reach 150 percent of gross domestic product by 2047, the CBO projected, up from an expected 77 percent at the end of this year.”

“The CBO points out that the degree of change necessary depends a lot on how long the government puts off making changes. The accumulation of debt feeds back on itself as net interest payments rise. That means the longer lawmakers wait, the more they will have to invest in program cuts or tax hikes to solve the problem.”

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