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Build a Responsible Federal Budget With New Debt Fixer Tool

Committee for a Responsible Federal Budget – Build a Responsible Federal Budget With Our New Debt Fixer Tool – “Now that President Trump has unveiled his full budget proposal and Congress is working on its own budget resolution, CRFB is launching a new tool that makes it easy to create your own budget and see if you can do better than lawmakers at putting the country on a sustainable fiscal path. The Debt Fixer lets you make the types of budget choices that lawmakers face and see how the decisions affect the national debt in the near and long term…Federal debt held by the public is currently 77 percent of Gross Domestic Product (GDP), nearly twice the 40 percent averaged over the last 50 years. The growing gap between federal spending and revenue will continue to push debt upward, with debt projected to reach 89 percent of GDP by 2027 and an all-time high of 107 percent by 2035. Changing course will require halting the rise of the debt as a share of the economy in the medium term and bringing the debt down to its historical levels in the longer term. Stabilizing debt at 70 percent of GDP by 2027 will require more than $4.3 trillion in savings over 10 years, while bringing debt in 2050 down to its historical average will require savings equal to 118 percent of GDP. Meeting these goals and improving our fiscal outlook will require reductions in spending, increases in revenue, or some combination of the two. The Debt Fixer lets you make changes to health care, reform taxes, improve Social Security, decide the future of the military, and much more. And you can see how policies like repealing and replacing the Affordable Care Act (“Obamacare”) or some of the options in the president’s budget will affect the debt…”

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