Afternoon Must-Read: Paul N. van de Water: New CBO Long-Term Budget Projections Tell Familiar Story

Paul N. van de Water: New CBO Long-Term Budget Projections Tell Familiar Story: “The Congressional Budget Office (CBO)’s new long-term budget projections…

…show that the nation’s fiscal outlook is stable for the rest of this decade and then worsens gradually…. Beyond the first ten years, CBO has made some small revisions in assumptions that, on balance, leave the projected path of debt largely unchanged. When we released our long-term estimates in May, we said:  ‘No deficit or debt crisis looms, and the weak labor market remains the nation’s most immediate economic concern. But policymakers and the public should not ignore the long-run budget problems, which remain challenging’.  That conclusion still holds…