Committee For a Responsible Federal Budget

🚨𝗙𝗨𝗟𝗟 𝗔𝗡𝗔𝗟𝗬𝗦𝗜𝗦: Yesterday, the Congressional Budget Office released its 2026 Budget and Economic Outlook. The report has been updated from the January 2025 baseline to account for the One Big Beautiful Bill Act, tariffs, changes in immigration, recent trends in the economy, and other factors 📈

CBO’s latest projections show:

1️⃣ Debt will reach a record of 𝟭𝟮𝟬% 𝗼𝗳 𝗚𝗗𝗣 by 2036.

2️⃣ Deficits will exceed $𝟯 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻 by 2036.

3️⃣ Spending is larger and growing faster than revenue.

4️⃣ Interest costs will explode.

5️⃣ Major trust funds are approaching insolvency.

6️⃣ Deficit projections are higher than last year.

7️⃣ The economy will surge then normalize, while interest rates will rise.

Read the full analysis of the report here 👉 https://www.crfb.org/papers/cbos-february-2026-budget-and-economic-outlook

📰 NEW in Star Tribune: CRFB Co-Chair Tim Penny and Emeritus Member David Minge, both former MN Reps., discuss a worrying Tax Day reality – more and more of our income tax payments go toward interest on the national debt.

They argue our fiscal health hasn't always been this bad – and it can be made better once again.

Read more: https://startribune.com/taxes-increasingly-paying-for-the-past-not-the-future/600359361/

🚨 BREAKING: President Biden released his Fiscal Year 2025 budget request today, including a number of tax and spending proposals and a roadmap for the country’s finances over the next decade.

Under the President’s budget, based on its own estimates, the national debt would rise to $45.1 trillion or 105.6 percent of Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP today. The budget would reduce deficits by a net $3.3 trillion over the next decade, relative to its baseline.

The following is a statement from CRFB president Maya MacGuineas:

CRFB Reacts to the President’s FY 2025 Budget | Committee for a Responsible Federal Budget President Biden released his Fiscal Year 2025 budget request today, including a number of tax and spending proposals and a roadmap for the country’s finances over the next decade.