Tag Archives: gdp

The Government Accountability Office (GAO) has recommended that Congress and the administration implement a long-term fiscal strategy after the COVID-19 pandemic to help the country maintain its position to meet its social and security requirements and address public health emergencies and other future events. “Absent any action, debt held by the public is projected to surpass 200 percent of GDP by 2048,” the GAO report reads.

The Congressional Budget Office has released a report that assesses the effects of the five-week partial government shutdown on the federal budget and economy. CBO estimates that the partial shutdown resulted in the delay of federal discretionary spending worth approximately $18B for the procurement of goods and services, compensation and other government services, according to the report.

Treasury Secretary Steven Mnuchin and Mick Mulvaney, director of the Office of Management and Budget, have issued a joint statement saying the federal budget deficit reached $779B in fiscal 2018, about $113B higher than the shortfall recorded in the previous fiscal year. The FY 2018 deficit was equivalent to 3.9 percent of the U.S. gross domestic product and $70B less than the projected shortfall in the Mid-Session Review for FY 2019, according to the statement published Monday.

A new Congressional Budget Office report says the federal budget deficit in fiscal year 2017 ended Sept. 30 reached $668 billion, approximately $82 billion higher than the shortfall recorded in the previous fiscal year. CBO said Friday the FY 2017 budget shortfall was equivalent to 3.5 percent of the U.S. gross domestic …

NATO Secretary General Jens Stoltenberg has said NATO member states plan a 4.3 percent increase in military spending this year amid President Donald Trump’s call for allies to pay more for their own defense, the Washington Post reported Wednesday. “I welcome the strong focus of President Trump on defense spending …

President Donald Trump has urged NATO member countries to meet commitments to spend 2 percent of their gross domestic product on defense, DoD News reported Thursday. Trump said at the NATO headquarters in Brussels, Belgium that the 2 percent commitment is the “bare minimum” for addressing current threats and is not enough …

Defense Secretary James Mattis has said NATO member countries should increase their defense spending and that the U.S. government may have to “moderate its commitment” to the alliance if nations fail to do so, The Hill reported Wednesday. Of NATO’s 28 member states, the U.S., Greece, Poland, Estonia and the …

A Government Accountability Office report obtained by Deltek predicts the ratio of U.S. public debt to gross domestic product to grow and exceed the historical high of 106 percent in 1946 within the next 15 to 25 years and continue to rise beyond that period. John Slye wrote in a blog …

Keith Hall, director of the Congressional Budget Office, has said CBO predicts the U.S. budget deficit to grow over the next 10 years if current laws remain unchanged. Hall said in a statement published Tuesday that increasing interest payments on government’s debt, rise in healthcare program and retirement spending and growth in …

Marine Corps Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff, has said the joint force needs to integrate all components of national power and U.S. military capabilities worldwide amid security threats associated with what he calls the “four-plus-one” model, DoD News reported Thursday. Jim Garamone writes Dunford said at …