Grim Budget Outlook for 2014-2023

On February 5, the Congressional Budget Office (CBO) released its Budget and Economic Outlook that projected an $845 billion deficit for fiscal year 2013.

Highlights of CBO’s findings include:

  • Projects an $845 billion deficit for fiscal year 2013.
  • In 2023, the federal government will collect twice as much revenue as it did in 2012. Even with increased revenues, the deficit will hit $978 billion.
  • Projects the total debt will rise by $10 trillion by the end of the budget window (debt held by the public will rise by$8.7 trillion). By 2023, total debt will equal $26 trillion.

Noteworthy in their findings is CBO’s projected outlook for the U.S. includes the impending sequestration that will occur if current law (The Budget Control Act of 2011, P.L. 112-25) goes into effect on March 1, cutting $1.2 trillion in defense and non-defense discretionary domestic programs.

Moreover, the interest on the nation’s debt is expected to balloon rapidly in the second half of CBO’s 10-year projection.  Interest payments on U.S. debt from 2014-2018 are projected to be $1.76 trillion.  From 2019-2023 the interest on the nation’s debt will double to $3.64 trillion.  By 2020 it is expected that interest payments on U.S. debt will exceed the defense department’s budget.

If you need quality representation from an entrepreneurial lobbying firm contact Cansler Consulting. We are a certified lobbying practice that is experienced in the multi-faceted and inter-related industries of Agriculture, Food and Drug Safety, Immigration, Transportation & Infrastructure, International Trade and Energy. Through our congressional and regulatory relationships established for over two decades we can help you influence the policy makers on Capitol Hill and navigate the federal budgeting process. You can contact us at [email protected] or at (202) 220-3150.

Tim Cansler