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.
When it comes to the deficit, budget watchdogs are saying of the current trajectory, “what goes down must come up.”
Today is Budget Day, when the president unveils his budget request for the coming fiscal year, which begins the process for crafting a federal budget. Perhaps fittingly, it is also Groundhog Day.
The recent Congressional Budget Office (CBO) budget outlook offers two headlines. The one that policymakers focus on tells you a lot about their priorities.