The Nation’s Fiscal Health: Action Is Needed to Address the Federal Government’s Fiscal Future, GAO-19-314SP: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019. “This report provides an update on the nation’s fiscal health as of the end of FY 2018, and describes its likely fiscal future if policies don’t change. Among its findings:
- The federal government’s current fiscal path is unsustainable
- The federal deficit increased to $779 billion—and will reach $1 trillion in the next few years for the first time since 2012
- Publicly held debt was 78% of GDP at the end of FY 2018 and will surpass its historical high of 106% within 13 to 20 years—sooner than projected last year
- Other agencies join GAO in saying that the longer action is delayed, the greater and more drastic the changes will have to be
- The 2018 Financial Report, the Congressional Budget Office, and GAO all project that federal debt held by the public will continue to grow unsustainably into the future.”
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