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Congressional Budget Office

Time to get serious about U.S. debt

Time to get serious about U.S. debt

The nonpartisan Congressional Budget Office (CBO) has issued a strong warning. Its newly released 2015 Long-Term Budget Outlook shows the national debt on an unsustainable path that will stifle economic growth and weaken the long-term fiscal health of the country. The Social Security Trust Fund will be exhausted by 2029, which will require action to avoid drastic, across-the-board cuts for all beneficiaries. Medicare and Medicaid face similar challenges. Unless we act, federal spending on major retirement and health care programs, together with interest on the debt, will crowd out productive investments in research and development, education and infrastructure —leading to a slower...

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