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Predicting the Fiscal Future
February 6, 2013
On Tuesday, the Congressional Budget Office (CBO) issued "The Budget and Economic Outlook: Fiscal Years 2013 to 2023," giving taxpayers an in-depth look at the economic situation our nation will most likely be facing over the next ten years. The report covers far more ground than I can go over in the space this blog affords me, but there are some noteworthy findings I thought were worth sharing.
When discussing CBO's projections, it's important to keep in mind that their baseline forecasts are made under the assumption that current law will remain in place over the next ten years. No forecast is perfect, but this gives budgetary analysts a benchmark against which we can compare how future cuts or spending increases would affect the budget relative to the path it's on now. The forecast could be significantly impacted depending on how Congress decides to act regarding:
The Washington Post has a nice visual summary of some of the data from CBO's report, including a helpful graph comparing how health care spending and debt interest payments are expected to grow relative to programs like defense spending and Social Security.
Also, NTUF's own Demian Brady was featured on Townhall.com last month in a piece highlighting where Congress might begin trimming down the deficits CBO has projected. It features preliminary BillTally data from the 112th Congress.
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