Today, the Congressional Budget Office released its latest long-term budget forecast. And while the news is better in the short term, as with previous reports, it’s clear that there’s no reason to be complicit when it comes to spending.
The federal budget deficit, which has fallen sharply during the past few years, is projected to hold steady relative to the size of the economy through 2018. Beyond that point, however, the gap between spending and revenues is projected to grow, further increasing federal debt relative to the size of the economy—which is already historically high.
In a sense, this news is hardly even, well, newsworthy. After all, we’ve seen consistent projections of this upcoming trend for some time. But in light of the fact that both parties have recently shown signs of ignoring spending altogether, this is very sobering news indeed.
Let’s keep working to make sure politicians can’t forget about the debt and spending.