Federal Debt: Answers to Frequently Asked Questions : an UpdateU.S. Government Accountability Office, 2004 |
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baby boom baseline projections billion borrowing needs budget deficit budget projections budget surplus Congressional Budget Office Data from U.S. debt limit debt management discretionary spending grows economic growth end of fiscal federal borrowing federal budget federal debt held federal funds federal government Federal Reserve Figure finance Financial Audit fiscal exposures fiscal policy fiscal year 2003 future GAO's government accounts Government for Fiscal gross national saving held by government income increase inflation Inflation-indexed bonds inflation-indexed securities interest payments interest rates interest spending intragovernmental transfers investors issues long-term fiscal Management and Budget maturities Notes Office of Management Old-Age and Survivors outlays percent of GDP Percentage programs Public Debt receipts reduce Retirement revenue reverse auctions savings bonds Security and Medicare share of GDP simulations Social Security Social Security Administration Source surpluses Treasury's TreasuryDirect trillion trust funds U.S. General Accounting U.S. Office U.S. Treasury securities unified budget United States Government
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1. lappuse - The fiscal pressures created by the retirement of the baby boom generation and rising health care costs threaten to overwhelm the nation's fiscal future.
11. lappuse - Nor does this debt have any of the economic effects of borrowing from the public. It is not a current transaction of the government with the public; it does not compete with the private sector for available funds in the credit market. It reduces the need to borrow from the public and so may hold down interest rates.
35. lappuse - Without a major increase in productivity, low labor force growth will lead to slower growth in the economy and to slower growth of federal revenues. This in turn will only accentuate the overall pressure on the federal budget...
39. lappuse - ... term, federal borrowing that restrains economic growth will also restrain the standard of living of future workers and taxpayers. Long-term Fiscal Challenge As discussed in our report on challenges facing the government, the fiscal policies in place today — absent substantive entitlement reform and changes in tax and spending policies — will result in large, escalating, and persistent deficits that are economically unsustainable over the long term.2 In other words, given current forcasts...
35. lappuse - Labor force growth will continue to decline and by 2025 is expected to be less than a third of what it is today. (See fig. 2.) Relatively fewer workers will be available to produce the goods and services that all will consume. Without a major increase in productivity, low labor force growth will lead to slower growth in the economy and slower growth of Federal revenues.
12. lappuse - Ultimately, the critical question is not how much a trust fund has in assets, but whether the government as a whole can afford the benefits in the future and at what cost to other claims on scarce resources. As I have said before, the future sustainability of programs is the key issue policy makers should address—ie, the capacity of the economy and budget to afford the commitment.
65. lappuse - Fiscal Exposures: Improving the Budgetary Focus on Long-Term Costs and Uncertainties, GAO-03-213 (Washington, DC: January 24, 2003).
25. lappuse - Similarly, at any given level of debt, higher interest rates increase the amount of interest paid. The mix of Treasury debt also affects interest payments as longer-term debt typically bears a higher rate than shorter-term instruments; see section 4 for further discussion of Treasury debt management. Spending for net interest overall rose sharply from about 9 percent of total federal spending in fiscal year 1980 to about 15 percent in fiscal year 1996. Since then, net interest spending declined to...
74. lappuse - Debt) There are three basic measures of federal debt: (1) debt held by the public, (2) debt held by government accounts, and (3) gross debt. Federal debt held by all investors outside of the federal government, including individuals, corporations, state or local governments, the Federal Reserve banking system, and foreign governments. When debt held by the Federal Reserve is excluded, the remaining amount is referred to as privately held debt.
73. lappuse - Congressional committees to show how those legislative proposals would affect spending or revenues over the next five years. For most tax legislation, CBO uses estimates provided by the Joint Committee on Taxation, a separate analytic group that works closely with the two tax-writing committees. CBO also prepares cost estimates for use in drafting bills (especially in the early stages), formulating floor amendments, and working out the final form of legislation in conference committees. To the extent...