The federal budget is headed for a world of pain in the coming decades, the Congressional Budget Office projected Wednesday, but said things are looking a little better because of the spending cuts the GOP pressured President Biden into making last year.
House Republicans, from left, Rep. Blake Moore, R-Utah, Majority Whip Tom Emmer, R-Minn., Rep. Beth Van Duyne, R-Texas, Speaker of the House Mike Johnson, R-La., and Majority Leader Steve Scalise, R-La., discuss President Joe Biden for his policies at the …CBO’s long-term outlook shows spending, already larger than usual, will grow even more, powered by the government’s expansive promises of health care for seniors and people with disabilities.
Looking out over the next three decades, the CBO sees a worse economy, a stagnating population and rising interest rates. “A key factor contributing to smaller projected deficits is a reduction in discretionary spending stemming from the annual funding limits under the Fiscal Responsibility Act of 2023 and from the Further Continuing Appropriations and Other Extensions Act, 2024,” the CBO said in the new analysis.
The difference between revenue and spending is the annual deficit, which will be 5.6% of GDP this year and rise to 8.5% at the end of the 30-year budget window.
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