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.
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