Bloated Rotting Whale Corpse Huge: Report Shows U.S. Deficit for Just This Year Is HUGEPosted: August 27, 2014 | |
For Daily Signal, Romina “Rom Raincloud” Boccia reports: While many reports will focus on the Congressional Budget Office’s (CBO) 2014 deficit and economic forecast released today, a less-told story is what’s driving the growth in government spending over the next decade. Beyond current reporting on the federal government’s balance sheet, CBO reports also serve the important purpose of informing Congressional decision-making.
Today’s report unequivocally communicates: reform entitlement programs or watch government grow.
The Congressional Budget Office’s “Update to the Budget and Economic Outlook: 2014 to 2024” reports a federal deficit of $506 billion for fiscal year 2014 (which ends on September 30), slightly above its April projection of $492 billion. Spending in 2014 will be about $3.5 trillion, growing by about 2 percent compared to the previous year. The debt will rise slightly as a percentage of GDP to 74 percent, staying at a level not seen since World War II.
Over the next decade, government spending is projected to grow annually on average by 5.2 percent. Eighty-five percent of this projected growth in spending will be due to three main budget components: Social Security (the largest federal program), health care (spending on which will overtake Social Security spending by 2015), and interest on the debt….(read more)
- Economic Report: CBO forecasts $506 billion budget deficit for 2014 (marketwatch.com)
- CBO Projection: Budget Deficits in Future Years to be Smaller than Previous Forecast (calculatedriskblog.com)
- 3 things account for 85% of higher government spending over the next decade (aei-ideas.org)
- Unemployment Benefits Extension 2014: US Economy Forecast to Grow 1.5 % this Year (theepochtimes.com)
- The Congressional Budget Office Just Reported That This Year’s Federal Deficit Is Increasing (nrcc.org)
- New CBO Report Projects the 10-Year Deficit at $9.6 Trillion as Spending Grows (tomfernandez28.com)
- Fed Policy, Revenues, Help Relieve U.S. Budget Pressure: CBO (blogs.wsj.com)
- How the White House Tried to Spin Today’s CBO Report (powerlineblog.com)
- Deficit bull trap (legalinsurrection.com)
- Report: Deficit To Soon Skyrocket To Historic World War II Heights (dailycaller.com)