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The Nation's Long-Term Fiscal Outlook: March 2009 Update

GAO-09-405SP Published: Apr 30, 2009. Publicly Released: Apr 30, 2009.
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Highlights

The new President, the new Congress, and the American people have been understandably focused on addressing problems with financial markets and responding to the economic downturn. However, the nation will need to apply the same level of intensity to the nation's long-term fiscal challenge. As shown in the figure below and the attached charts, GAO's updated simulations continue to show escalating and persistent debt that illustrates the long-term fiscal outlook is unsustainable. By 2025, debt held by the public under the Alternative simulation exceeds the historical high reached in the aftermath of World War II.

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Budget and Spending
Budget activitiesBudget deficitDebt held by publicDeficit reductionEconomic analysisEconomic growthEconomic policiesEconomic stabilizationFederal debtFinancial analysisFinancial institutionsFinancial markets regulationFiscal policiesHealth care costsIntergovernmental fiscal relationsPolicy evaluationRisk management