CBO Paints Bleak Picture With New Budget Forecast as Congress Poised to Pass Massive Spending Bill

The Congressional Budget Office made bleak new predictions about the nation’s financial picture as Congress prepares to vote on a massive spending bill to fund the rest of the fiscal year.

According to the CBO’s latest Long-Term Budget Outlook from 2024-2054 released on Wednesday, the nation’s debt held by the public grow to 166% of Gross Domestic Product (GDP) by 2054.

In addition, the CBO predicted that the Social Security Old-Age and Survivors Insurance trust fund will be exhausted in 2033, the Medicare Hospital Insurance trust fund will be depleted by 2035, and the Highway Trust Fund will run out in 2028.

Conservatives in Congress are criticizing congressional leadership for waiting until the last minute to release the legislative text of the full spending package for review before the planned vote. The self-imposed deadline for Congress to pass another spending package is Friday.As of Wednesday early evening, the full legislative language of […]

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