NEW
YORK, June 18, 2024 /PRNewswire/ -- Today,
John Gardner, Vice President, Public
Policy, at the Committee for Economic Development (CED), the public
policy center of The Conference Board, released the following
statement:
![Committee for Economic Development Logo (PRNewsfoto/Committee for Economic Developm) Committee for Economic Development Logo (PRNewsfoto/Committee for Economic Developm)](https://mma.prnewswire.com/media/872249/CED_Torch__Logo.jpg)
The Congressional Budget Office (CBO)'s latest Update to the
Budget and Economic Outlook for 2024 to 2034 serves as an urgent
and necessary call to action on our nation's unsustainable fiscal
trajectory. CBO projects deficits to grow from $2 trillion in 2024 to $2.8 trillion by 2034, amounting to nearly 7
percent of GDP and almost double the average level of deficits over
the past 50 years. CBO also projects that debt held by the public
rises from 99 percent of GDP in 2024 to 122 percent in 2034,
reaching $50 trillion. Over the next
decade, mandatory spending on Social Security and Medicare and
paying interest on the debt drive these historically high debts and
deficits. Net interest outlays are a particular concern, increasing
from $892 billion in 2024—higher than
non-mandatory defense spending—to $1.7
trillion in 2034, equivalent to 4.1 percent of GDP and
nearly as much as projected Medicare outlays.
Today's CBO projections highlight both the fiscal challenges we
face and the responsibility to develop solutions. In particular, we
reiterate our call for a bipartisan Congressional Commission on
Fiscal Responsibility to consider comprehensive and sustainable
solutions to growing deficits and debt. Given the upcoming deadline
to raise the debt ceiling and the expiration of key provisions of
the 2017 Tax Cuts and Jobs Act next year, Congress has a unique
opportunity to begin setting our fiscal trajectory on a better
path, one that will ensure fiscal stability and promote economic
growth.
About The Conference Board
The Conference Board
is the member-driven think tank that delivers Trusted Insights for
What's Ahead.™ Founded in 1916, we are a non-partisan,
not-for-profit entity holding 501(c)(3) tax-exempt
status in the United
States. ConferenceBoard.org
The Committee for Economic Development (CED) is the public
policy center of The Conference Board. The nonprofit, nonpartisan,
business-led organization delivers well-researched analysis and
reasoned solutions in the nation's interest. CED Trustees are chief
executive officers and key executives of leading US companies who
bring their unique experience to address today's pressing policy
issues. Collectively, they represent 30+ industries and over 4
million employees.
ConferenceBoard.org/us/Committee-Economic-Development
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SOURCE Committee for Economic Development of The Conference
Board (CED)