THE NATION’S UNSUSTAINABLE FISCAL PATH – Government Accountability Office
Excerpt:
The federal government faces an unsustainable fiscal future. In February 2025, we released our annual report on the nation’s fiscal health, highlighting both short-term and long-term risks.
Federal debt held by the public (that is, the total amount of money that the federal government owes to its investors) will continue to grow faster than the economy, which is unsustainable.
Federal debt held by the public—past, present, and future
Historically, debt has decreased during peacetime and economic expansions. But this pattern has changed in recent decades. Unless current revenue and spending policies change, by 2027 debt will reach its historical high of 106 percent of GDP, according to our simulation. If unaddressed, it will grow more than twice as fast as the economy and reach 200 percent of GDP by 2047.
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The U.S. Congress’ latest response to resolving the fiscal crisis:
A little or a lot? Conflicting targets for cuts leave budget in limbo
The House of Representatives this week narrowly approved a budget resolution after the Senate did so previously.
By Ben Whedon | JusttheNews | Apr 11, 2025
While President Donald Trump has suggested he may sign a balanced budget plan during his term, competing estimates and promises on cuts from interested parties appear to signal the government could either come close to achieving its goal or largely fail to make meaningful cuts, with little room for a moderate option.
The House of Representatives this week narrowly approved a budget resolution after the Senate did so previously. Both chambers committed to the basic framework of “one big, beautiful bill” favored by Trump to address both his tax cuts and his border proposals in the same legislation. The reconciliation process, however, will see competing parties quibble over the depth of cuts and what to target.
The Congressional Budget Office projected that the federal government would run a $1.9 trillion budget deficit in Fiscal Year 2025 and the Elon Musk-led Department of Government Efficiency (DOGE) had previously vowed to cut $2 trillion in spending to balance the budget. But Musk’s projections have dwindled of late and budget hawks in the House aim to hold Speaker Mike Johnson to his promises of major cuts, setting up a potential leadership change should he fail.
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