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The 2017 Long-Term Budget Outlook
(Source: www.cbo.gov)
CBO’s projections show a substantial imbalance looming in the federal budget over the next 30 years, with spending outpacing revenues by steadily increasing amounts. As a result, if current laws generally remained unchanged, federal debt would reach an unprecedented share of GDP, intensifying pressures on the federal budget, dampening economic growth, limiting the nation’s ability to respond to unforeseen events, and increasing the likelihood of a fiscal crisis.