From “The WasteWatcher”

On January 28, the Congressional Budget Office (CBO) released its annual Budget and Economic Outlook covering 2019 to 2029, and unsurprisingly, the nation’s fiscal outlook remains dreadful, explains CAGW Government Affairs Manager Peter Klensch on CAGW’s blog, “The WasteWatcher.” CBO projects an $897 billion deficit in 2019, up $118 billion from 2018, and trillion-dollar deficits by 2022.

The federal budget deficit will reach 4.8 percent of gross domestic product in 2028, a level only exceeded in eight other years since 1946 (four during the Great Recession).

CBO cited the cause of these extraordinary deficits as unreasonably high federal spending, especially on mandatory programs.

With CBO predicting “significant negative consequences, both for the economy and for the federal budget,” the 116th Congress should restrain chronic overspending and prioritize budget reforms that will ameliorate the grim financial situation, concludes Klensch.

Read more on “The WasteWatcher,” CAGW’s staff blog

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