Commentary
The Congressional Budget Office (CBO) has just released its latest projection for the next ten years.
“In the agency’s updated projections, annual deficits nearly double over the next decade, reaching $2.7 trillion in 2033 …. As a result of those deficits, debt held by the public also increases in CBO’s projections, from 98% of GDP at the end of this year to 119% at the end of 2033.”
The picture keeps getting worse.
The difference between Democrats and Republicans on the issue: Republicans say let’s do something; Democrats say let’s do nothing.
House Republicans have put forward the Limit, Save, Grow Act as condition for increasing the debt limit, which imposes limits on growth of spending over the next 10 years and achieves reductions in expenditures….