Last week, we took a look at the Congressional Budget Office’s rather gloomy budget projections over the next 30 years. Between FY 2021 and FY 2050, federal spending will grow as more Americans retire, structural budget deficits will worsen, and the share of the debt held by the public will rise to unprecedented levels. But the projections weren’t limited to the budget. The Congressional Budget Office (CBO) also looked at economic and labor trends. Those are just as alarming as the budget projections.

Earlier this month, the Congressional Budget Office (CBO) released an updated budget and economic outlook for the next ten years. The report provided projections on federal spending, revenues, and economic growth. The update was needed because the report that the CBO released in January was out of date because of the explosion of spending in response to the COVID-19 pandemic and related partial economic shutdowns across the country.

On Wednesday, the Congressional Budget Office (CBO) released separate reports on the ten-year budget outlook and the financial outlook for major federal trust funds. The reports show the impact of COVID-19 on the economy, the failure of Congress to responsibly manage federal spending, and the cost of doing nothing to put federal entitlement programs on a sustainable financial path.

Co-authored by Luke Hogg, the program coordinator for FreedomWorks Foundation.

The Congressional Budget Office (CBO) recently published its long-term budget outlook for the next 30 years, a report designed to provide lawmakers with a “point of comparison” with which they can assess the health of the current and future federal budget. The report shows that the finances of the federal government are a raging dumpster fire.

On behalf of FreedomWorks’ activist community, I urge you to contact your representative and ask him or her to cosponsor the CBO Show Your Work Act, H.R. 1077. Introduced by Rep. Warren Davidson (R-Ohio), the CBO Show Your Work Act would require the Congressional Budget Office to make its models and data available to Congress and the public.

On behalf of FreedomWorks’ activist community, I urge you to contact your representative and ask him or her to cosponsor the Cost Estimates Improvement Act, H.R. 638. Introduced by Rep. Michael Cloud (R-Texas), the Cost Estimates Improvement Act would require the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) to provide the costs of servicing the public debt when producing cost-estimates of legislation and a list of any duplicative activities covered by a bill.

On behalf of FreedomWorks’ activist community, I urge you to contact your senators and ask them to cosponsor the CBO Show Your Work Act, S. 278. Introduced by Sen. Mike Lee (R-Utah), the CBO Show Your Work Act would require the Congressional Budget Office to make its models and data available to Congress and the public.

Back in April, the Congressional Budget Office (CBO) released regular budget outlook for the current year and 2019 through 2028 budget window. The report was concerning because it showed that the share of the debt held by the public as a percentage of gross domestic product (GDP) would increase from 78 percent in 2018 to 96.2 percent in 2028.

The alarm is sounding once again on federal spending, and few in Congress are paying attention serious problems that America faces if it doesn’t get the nation’s finances into order.