Long-Term Budget Outlook
2013-09-26T10:05:08-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvZjQxXC8yMDEzMDkyNjEwMDcwODAwM19oZC5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==Douglas Elmendorf testified on the latest Congressional Budget Office report on the long-term federal budget outlook. According to the report, the budget deficit will shrink to $378 billion in 2015, but that budget deficits gradually rise after that year, mainly due to increasing interest costs and growing spending for Social Security, Medicare, Medicaid, the Children’s Health Insurance Program, and subsidies to be provided through the health insurance exchanges. Mr. Elmendorf said that defaulting on the federal debt could have “long lasting and very damaging” consequences on the economy and that doing so was a “dangerous gamble.”
Douglas Elmendorf testified on the latest Congressional Budget Office report on the long-term federal budget outlook. According to the repor… read more
Douglas Elmendorf testified on the latest Congressional Budget Office report on the long-term federal budget outlook. According to the report, the budget deficit will shrink to $378 billion in 2015, but that budget deficits gradually rise after that year, mainly due to increasing interest costs and growing spending for Social Security, Medicare, Medicaid, the Children’s Health Insurance Program, and subsidies to be provided through the health insurance exchanges. Mr. Elmendorf said that defaulting on the federal debt could have “long lasting and very damaging” consequences on the economy and that doing so was a “dangerous gamble.” close
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