US Long-Term Budget Outlook / Entitlement spending is growing writes CBO

And yet there is no temperance in oversight!

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U.S. debt is on an unsustainable path if current laws remain unchanged

In its 2013 Long-Term Budget Outlook, the Congressional Budget Office (CBO) issued a warning that the national debt is near an all-time high and will grow to unsustainable levels. Currently, the federal debt is about 73 percent of GDP. CBO projects that debt will climb to 100 percent of GDP within 25 years. This assumes, however, that current law will not be changed and discretionary spending will decline to historically low levels. Under more pessimistic assumptions, debt could grow to 190 percent of GDP by 2038.

Under an alternative fiscal scenario, debt is projected to reach 190% of GDP in 2038

SOURCE: Data from the Congressional Budget Office, The 2013 Long-Term Budget Outlook, September 2013. Compiled by PGPF.

NOTE: The projection includes the effects of higher levels of debt on the economy. The data provided by CBO begins…

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