Tag Archives: gdp

GAO: Congress, Administration Should Focus on Establishing Long-Term Fiscal Strategy

Fiscal Strategy

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.

Read More »

CBO Looks at Effects of Partial Gov’t Shutdown; Forcepoint’s Eric Trexler Comments

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.

Read More »

Treasury-OMB Report: Federal Budget Deficit at $779B in Fiscal 2018

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.

Read More »

CBO: Federal Budget Shortfall Rose to $668B in FY 2017

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 …

Read More »

President Trump Urges NATO Members to Boost 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 …

Read More »

James Mattis Urges NATO Allies to Increase Defense Spending

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 …

Read More »