This Congressional Budget Office (CBO) report examines the pressures facing the federal budget over the coming decades by presenting the agency’s projections of federal spending and revenues through 2080. Under current laws and policies, rapidly rising health care costs and an aging population will sharply increase federal spending for Medicare, Medicaid, and Social Security. Unless increases in revenues kept pace with escalating spending, or spending growth was sharply reduced, soaring federal debt would weigh heavily on economic output and incomes.
Continue reading The Long-Term Budget Outlook