WASHINGTON (WHTC/WKZO) – An overlooked topic during this Presidential election year is the federal deficit.
Earlier this week, the Congressional Budget Office issued an update to the budget and economic outlook, and in its 10-year forecast, the agency says that the federal government is $2 trillion in debt, with a projection of $2.8 trillion by 2034.
The rate is such that the deficit is seven percent of the nation’s gross domestic product now, and although that margin will gradually drop over the next 10 years, it will still be “significantly” more than the 3.7 percent average over the past five decades.
This is something that Republican Congressman Bill Huizenga of Zeeland, along with San Diego Democrat Scott Peters, wish to address with the creation a year ago of a Bipartisan Fiscal Forum.
Huizenga spoke on this during a Thursday appearance on “WHTC Morning News.”
An online link to the CBO’s report is here.
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