(PRWEB) May 17, 2013
Earlier this week, the non-partisan Congressional Budget Office (CBO) released its updated budget projections showing that the federal budget deficit would decrease to $642 billion this year compared to $1.1 trillion in fiscal year 2012. While annual deficits fall in the near term, the report showed that the deficit will rise to $895 billion in 2023.
Because the deficit will begin to climb again by decade’s end, Maya MacGuineas, President of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt, is urging lawmakers in Washington to continue working towards the implementation of a long-term deficit reduction plan:
“Today’s updated projections from the Congressional Budget Office are better than expected, especially in the short term. This is a good sign, as it shows an economic recovery that is beginning to truly take hold.”
“However, the rosier-than-expected near-term projections do not change the fact that rising health care costs, an aging population, Social Security’s looming insolvency, and ever-increasing interest payments will greatly expand the national debt as a share of the economy starting at the end of the current decade,” continued MacGuineas, who, in addition to leading the Campaign to Fix the Debt is the President of the Committee for a Responsible Federal Budget, a bipartisan organization focused on educating the public regarding issues related to fiscal policy.
“Implementing a deficit-reduction plan now, instead of waiting until the deficit begins to grow again, will allow us to deal with these long-term challenges through smart reforms that are phased in gradually.”
“The Campaign to Fix the Debt will continue working with elected leaders in both parties and on both ends of Pennsylvania Avenue to ensure they are taking seriously our long-term fiscal imbalance, and not simply rest on positive short term indicators. We need to keep making steady improvements to keep the good news coming.”
The Campaign to Fix the Debt is a non-partisan movement to put America on a better fiscal and economic path. The Campaign is composed of individuals from different social, economic and political perspectives who are united by a common belief that America’s growing federal debt threatens the future of the country and must be addressed.