News - Rising deficits threaten U.S. economic stability

The nonpartisan Congressional Budget Office's (CBO) latest report underscores a looming $1.4 trillion increase in federal deficits over the next decade, attributed to increased spending on major programs like Social Security and Medicare, as well as debt servicing costs. Influential legislative measures, like the 'One Big Beautiful Bill Act,' along with heightened tariffs and stricter immigration policies, have further exacerbated the fiscal outlook. Despite a projected modest revenue increase from tariffs, inflationary pressures are expected to rise, delaying the Federal Reserve's inflation target recovery until 2030. Experts from the Bipartisan Policy Center and Peterson Foundation emphasize the urgency for Congress to take corrective measures, such as fostering bipartisan solutions in revenue optimization and spending efficiencies. These fiscal challenges serve as a wake-up call for policymakers and voters alike, to stabilize debt and ensure long-term economic health.