GAO report: U.S. government spending “unsustainable”
US–U.S. government spending is increasingly outstripping its revenue, which will eventually cause the federal debt to soar and harm the U.S. economy.
This baleful assessment, issued by the U.S. Government Accountability Office on Tuesday, comes as the incoming Trump administration plans large increases in infrastructure and military spending, along with big tax cuts for corporations and individuals.
While the GAO report’s findings are hardly new, the timing of the release as a new Congress and presidency get under way puts the issue back in the spotlight.
The study projected that the spending-revenue imbalance will put “the federal government on an unsustainable long-term fiscal path.” Without any changes to spending patterns, debt could expand to three times gross domestic product by 2090, according to the GAO, the government watchdog agency.
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