The new budget numbers predict that the federal budget deficit will hit the $1 trillion mark by 2023 -- a year earlier than expected last year. National debt held by the public will grow from 77 percent today to 89 percent in 2027 -- that is more than twice the 50-year debt average of less than 40 percent.
The latest official budget numbers make two things abundantly clear: the era of declining deficits is over and the long-term national debt is unsustainable.
The long-term budget outlook is bleak unless we change course, according to the new official forecast.
The nonpartisan Congressional Budget Office (CBO) updated its ten-year budget forecast. The latest numbers show the deficit rising this year after a few years of decline. Deficits and debt will be on an upward path towards unsustainable levels.
The official budget and economic forecast from the non-partisan Congressional Budget Office shows that the era of declining deficits is over. And the already unsustainable national debt path is now even worse.