The Nation’s Fiscal Health: Action Is Needed to Address the Federal Government’s Fiscal Future

Source: U.S. Government Accountability Office, GAO-19-314SP, April 2019

From the summary:
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.