CED Issues Statement on June 2024 Congressional Budget Office

Today, John Gardner, Vice President, Public Policy, at the Committee for Economic Development (CED), the public policy center of The Conference Board, released the following statement:

The Congressional Budget Office (CBO)’s latest Update to the Budget and Economic Outlook for 2024 to 2034 serves as an urgent and necessary call to action on our nation’s unsustainable fiscal trajectory. CBO projects deficits to grow from $2 trillion in 2024 to $2.8 trillion by 2034, amounting to nearly 7 percent of GDP and almost double the average level of deficits over the past 50 years. CBO also projects that debt held by the public rises from 99 percent of GDP in 2024 to 122 percent in 2034, reaching $50 trillion. Over the next decade, mandatory spending on Social Security and Medicare and paying interest on the debt drive these historically high debts and deficits. Net interest outlays are a particular concern, increasing from $892 billion in 2024—higher than non-mandatory defense spending—to $1.7 trillion in 2034, equivalent to 4.1 percent of GDP and nearly as much as projected Medicare outlays.

Today’s CBO projections highlight both the fiscal challenges we face and the responsibility to develop solutions. In particular, we reiterate our call for a bipartisan Congressional Commission on Fiscal Responsibility to consider comprehensive and sustainable solutions to growing deficits and debt. Given the upcoming deadline to raise the debt ceiling and the expiration of key provisions of the 2017 Tax Cuts and Jobs Act next year, Congress has a unique opportunity to begin setting our fiscal trajectory on a better path, one that will ensure fiscal stability and promote economic growth.

About The Conference Board

The Conference Board is the member-driven think tank that delivers Trusted Insights for What's Ahead.™ Founded in 1916, we are a non-partisan, not-for-profit entity holding 501(c)(3) tax-exempt status in the United States. ConferenceBoard.org

The Committee for Economic Development (CED) is the public policy center of The Conference Board. The nonprofit, nonpartisan, business-led organization delivers well-researched analysis and reasoned solutions in the nation’s interest. CED Trustees are chief executive officers and key executives of leading US companies who bring their unique experience to address today’s pressing policy issues. Collectively, they represent 30+ industries and over 4 million employees. ConferenceBoard.org/us/Committee-Economic-Development