In response to the Congressional Budget Office (CBO) Long-Term Budget Outlook released March 27, 2025, Carolyn Bourdeaux, former Congresswoman and Executive Director of The Concord Coalition and Concord Action issued the following statement:
“Our budget process is in complete disarray. Congress is not even contemplating a plan to address these disgraceful numbers. The latest Long-Term Budget Outlook from CBO paints a stark picture of what is in store unless we get our financial house in order. The warning is clear: our national debt is unsustainable and the future of our economy is at risk.
The report projects that by 2029, the US will reach the highest levels of debt-to-GDP ever recorded – greater than during World War II. By 2055, the ratio will be 159% of GDP. Without action, the Social Security retirement fund will be insolvent in eight years.
These numbers are based on an assumption that key provisions in the 2017 Tax Cuts and Jobs Act will expire this year. We already know that Congress is working to extend these tax cuts without offsets. CBO separately projected a debt-to-GDP ratio as high as 214% – more than twice its historic high – if Congress presses ahead with this plan.
Meanwhile our ballooning national debt invites higher interest rates and risks serious inflationary pressure. Pushing our nation’s debt to GDP ratio to historic highs is reckless. Congress cannot continue to slash revenues and pretend tax cuts have no cost, while at the same time refusing to address spending in responsible ways.”
Next week, Concord Coalition Executive Director Carolyn Bourdeaux and Senior Policy Advisor Bob Bixby will be talking with Phill Swagel, the Director of the Congressional Budget Office on our podcast, Facing the Future, to break down the numbers.
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