Congressman Yakym Statement on Congressional Budget Office Report Showing Unsustainable Fiscal Outlook

Feb 15, 2023

Washington, D.C. – Today, Congressman Rudy Yakym (IN-02) issued the following statement after the non-partisan Congressional Budget Office (CBO) released their latest baseline budget report showing the annual total budget deficit is projected to double over the next decade: 

Today’s CBO report confirms what we already know: America is in a dire fiscal state and deep trouble unless we change course soon. Over the past two years, President Biden and Democrats in D.C. have presided over an explosion of irresponsible, out-of-control government spending, and the results are clear for every American to see: historically high inflation, crippling borrowing costs, and a national debt that is now north of $31 trillion.  

“As a member of the House Budget Committee, I will continue to work in good faith with my colleagues on both sides to stop reckless spending and bring back the kind of fiscal discipline families across Indiana exercise every single day.

Key Facts from the Report: 

  • FY 2023 Deficit: This year’s deficit is projected to be $1.4 trillion, making it the fourth highest figure in American history. The FY 2023 deficit is equivalent to 5.4 percent of GDP, well above the 50-year average of 3.6 percent. 
  • Deficit Projections: The deficit grows over the baseline, doubling within ten years. The deficit is $2.9 trillion (7.3 percent of GDP) in 2033, at the end of the budget window. The deficit is projected to total $20.3 trillion over the next ten years.
  • Debt Projections: Debt held by the public is projected to increase from $24.3 trillion (97.0 percent of GDP) in 2022 to $46.4 trillion (118.2 percent of GDP) in 2033. Gross federal debt is projected to increase from $30.8 trillion (123.3 percent of GDP) in 2022 to $52.0 trillion (132.3 percent of GDP) in 2033.
  • Spending Projections: Spending is projected to be $6.2 trillion (23.7 percent of GDP) in 2023. Spending is projected to grow to $9.9 trillion (25.3 percent of GDP) in 2033. Over the 2024-2033 period, spending is projected to total $80.0 trillion. 
  • Mandatory spending: is projected to increase from $3.8 trillion (14.6 percent of GDP) in 2023 to $6.1 trillion (15.6 percent of GDP) in 2033. Over ten years, mandatory spending is projected to amount to $48.2 trillion.
  • Inflation: The Consumer Price Index (CPI) is projected to increase by 4.0 percent in 2023, 2.4 percent in 2024, and about 2.0 percent each year thereafter.
  • Interest Rates: The projected interest rate on 10-year Treasury notes for 2023 has increased from 1.5 percent when President Biden took office to 3.9 percent in CBO’s latest projection, compared to 3.0 percent in 2022. The 10-year average interest rate projection is 3.8 percent

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