Tax Analysts Blog

CBO Makes It Official: Major Fiscal Pain Is in Our Future

Posted on Jun 25, 2009

The just-released Congressional Budget Office "Long-Term Budget Outlook" is a document of major historical significance. It's 82 pages long but the cover says it all (as shown below). Disregard the lower dashed line portraying the official -- but meaningless -- baseline scenario. The top line shows where we are heading: unless Obama and Congress slam on the fiscal breaks, the national debt will exceed record World War II levels in about a decade's time -- and then that debilitating growth will accelerate.The budget crisis we are now facing will make the budget crises of the 1980s and early 1990s look like child's play.

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