Deficits and Projections Archive
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The Long-Term Fiscal Outlook Is Bleak
December 16, 2008
This report updates the Center on Budget and Policy Priorities’ projections of federal spending, revenues, deficits, and debt through 2050. These projections — like the projections the Center issued in January 2007 and the projections by other institutions such as the Congressional Budget Office (CBO), Government Accountability … -
Podcast: Long Term Deficit Projections Highlight Need for Action
December 16, 2008
This podcast discusses a report that provides updated long-term federal budget projections. The report describes the factors driving the big increases in deficits and debt projected for the next several decades, such as rapidly rising health care costs and revenues that are inadequate to cover even current expenditures. This podcast features the Center's Executive Director Robert … -
Press Release: New Long-Term Deficit Projections Paint Grim Picture
December 16, 2008
The nation faces a grim long-term budget outlook even after the economy recovers from the current recession, with the prospect of skyrocketing deficits and debt in the coming decades that will far eclipse all previous levels, the Center on Budget and Policy Priorities reported today. Driving this grim outlook are at least three factors: (1) … -
A Balanced Approach to Restoring Fiscal Responsibility
July 9, 2008
In a recent paper, “Taking Back Our Fiscal Future,” a group of policy analysts from several Washington think tanks proposed a radical change in budget procedures related to Social Security, Medicare, and Medicaid as a way to address budget deficits projected for future decades. They urged Congress to establish 30-year budgets, or caps, for these programs. The White House would conduct a review every five years. If it projected that expenditures would exceed the caps, the programs would face automatic cuts or related tax increases.
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Testimony of James Horney on Addressing the Nation's Financial Challenges
June 26, 2008
Chairman Carper, Senator Coburn, Members of the Committee, thank you for the opportunity to appear here today to talk about the long-term fiscal problems facing the United States. My name is James Horney. I am the Director of Federal Fiscal Policy at the Center on Budget and Policy Priorities, which is a non-partisan, non-profit … -
Testimony of Robert Greenstein at the Hearing on the SAFE Commission Act and the Long-Term Fiscal Challenge
June 24, 2008
Mr. Chairman and Mr. Ryan, thank you for inviting me to testify today. My testimony will focus primarily on the general question of whether a “budget commission” would be useful at this point as a way to address the serious long-term fiscal problems the nation faces. I would like to make three principal observations. First, the … -
Administration's Budget Does Not Reflect Administration Policies
March 5, 2008
Administration’s fiscal year 2009 budget released on February 4 did not fully reflect the Bush Administration’s policies. While claiming to reach a surplus of $48 billion by 2012, the budget projections omitted the costs of two policies central to the Administration. The Administration says it is committed …
