ABSTRACT

Nation's Fiscal Health: Federal Action Critical to Pivot Toward Fiscal Sustainability, Annual Report to Congress   [open pdf - 3MB]

From the Highlights: "The federal government faces an unsustainable fiscal future. At the end of fiscal year 2021, debt held by the public was about 100 percent of gross domestic product (GDP), a 33 percent increase from fiscal year 2019. Projections from the Office of Management and Budget and the Department of the Treasury, the Congressional Budget Office, and GAO [Government Accountability Office] all show that current fiscal policy is unsustainable over the long term. Debt held by the public is projected to reach its historical high of 106 percent of GDP within 10 years and continue to grow at an increasing pace. This ratio could reach 217 percent of GDP by 2050, absent any change in fiscal policy. The underlying conditions driving this unsustainable fiscal outlook existed well before the COVID-19 [coronavirus disease 2019] pandemic and continue to pose serious challenges if not addressed."

Report Number:
GAO-22-105376
Publisher:
Date:
2022-05
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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