Posted on 08/30/2014 8:21:29 AM PDT by Citizen Zed
The difference between revenue and spending is now forecast to be more than $400 billion smaller through 2024 than the agency estimated in April. Still, the cumulative deficit would be substantial, reaching $7.2 trillion over the same period. While interest payments on the debt will be less than originally forecast, they would reach $799 billion in 2024 alone, the CBO said.
Congress must vote in the next month to continue funding government operations, as current law only authorizes spending on many programs through the end of September. Congress also must decide whether to renew several corporate tax breaks, some of which expired last year and some of which will expire at the end of this year. Another battle over the debt ceiling, however, won't occur until at least the middle of next year. Democrats and Republicans have agreed to suspend the debt ceiling until mid-March 2015, and they would have several months after that time to decide how to proceed.
(Excerpt) Read more at m.us.wsj.com ...
I am sure glad that interest rates are going to stay low forever. It sure comes in handy when you are $17.7 trillion in debt. (sarcasm, of course)
That’s what it is all about.
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