Heritage: ‘Congress Must Address the National Debt’
By Stuart MacPhail – October 2020
New Report Shows Why Congress Must Address National Debt Is the headline on a piece by David Ditch and Rachel Greszler in the September 9 edition of The Daily Signal (Heritage Foundation).
Their article focuses on an updated Congressional Budget Office (CBO) budget projection for the fiscal year ending this month. It is CBO’s first full update that includes the fiscal impacts of COVID-19. They say the report demonstrates how America’s fiscal health has “gone from bad to worse.”
They report that “the deficit for 2020 is expected to reach $3.3 trillion, or over $25,000 per household. As a share of the economy, this deficit is the largest since World War II.”
The charts they include in their detailed report suggest that through 2030, the combined annual deficits are projected at just under $13 trillion. They conclude, “Considering that the current gross debt is $26.7 trillion, the per-household share would stand at about $275,000 just 10 years from now.”
They warn “Rising debt with no viable plan to curb it puts America at risk of a financial crisis,” and “the longer policymakers delay, the larger the consequences become.” They call on lawmakers “to take a serious reckoning of the federal budget. Failure to do so could result in moving directly from a health crisis to a fiscal crisis.” Read their report HERE.