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. Read the rest of this entry »