{"id":1869354,"date":"2023-03-06T15:25:56","date_gmt":"2023-03-06T20:25:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cut-deficit-in-half-and-debt-will-stabilize-in-10-years-cbo-chief\/"},"modified":"2023-03-06T15:27:04","modified_gmt":"2023-03-06T20:27:04","slug":"cut-deficit-in-half-and-debt-will-stabilize-in-10-years-cbo-chief","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cut-deficit-in-half-and-debt-will-stabilize-in-10-years-cbo-chief\/","title":{"rendered":"Cut Deficit in Half and Debt Will \u2018Stabilize\u2019 in 10 Years: CBO Chief"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcut-deficit-in-half-and-debt-will-stabilize-in-10-years-cbo-chief%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1869354&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div>\n<p>Phillip Swagel, Director of the Congressional Budget Office, (CBO), says that reducing the deficit spending to 50 percent (as a percentage the nation&#8217;s Gross Domestic Product (GDP) would prevent the increase in the national debt within ten years.<\/p>\n<p>GDP stands for the aggregate market value all products and services that are produced in a country. The difference in what the government spends and what it receives from taxes is called the deficit.<\/p>\n<p>Currently, the annual deficit in spending is 3 percent of the GDP. This does not include interest payments for the national debt.<\/p>\n<p>It would be possible to reduce the deficit from 1.5 percent of GDP, its historic level. &#8220;stabilize&#8221; Swagel stated that 10 years would be the end of the country&#8217;s debt. This was a statement Swagel made on March 6, meaning that debt as a percent of GDP will cease to grow.<\/p>\n<p>Swagel indicated that such a reduction would need to be cumulative at $5 trillion per decade.<\/p>\n<figure id=\"attachment_4857345\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/03\/localimages\/biden-mccarthy-1200x800.jpg\"><figcaption><\/figcaption><\/a> File images of President Joe Biden (L) and House Minority Leader Kevin McCarthy, (R-Calif.). (Getty Images)<\/figure>\n<p>Swagel explained that the Federal Debt will rise from 98% of GDP to 118% if spending continues as it has in the past.<\/p>\n<p>CBO offered a <a href=\"https:\/\/www.cbo.gov\/publication\/58981\">list<\/a> These are just 17 of the possible spending cuts that would be necessary to reduce government spending. There are many options, from a cap on federal Medicaid spending to establishing flat Social Security benefits amounts to taxing global warming gas emissions.<\/p>\n<p>According to CBO, 17 spending reductions would result in savings of between $9.1 and $17.6 trillion for 10 years. But, any combination of $500 billion annual cuts would have a stabilizing impact.<\/p>\n<p>Swagel stated that he does not recommend a reduction in deficit spending. This is a decision made by Congress. CBO&#8217;s report shows the potential impact of such a move on the national deficit.<\/p>\n<p>House Speaker Kevin McCarthy (R.-Calif.), President Joe Biden and others are currently in negotiations to raise the debt ceiling.<\/p>\n<p>Biden stated that he expected Congress to approve the bill. &#8220;clean&#8221; Increase the debt ceiling to preserve the United States&#8217; full faith, credit and ability<\/p>\n<p>McCarthy claims that there won&#8217;t be a default on U.S. government debt. But he insists on an enforceable guarantee. &#8220;responsible&#8221; Increase in the debt limit is accompanied with spending concessions<\/p>\n<p>Senator Joe Manchin (D.W.Va.), broke with Democratic party lines and called for future spending reductions along with an increase of the country&#8217;s debt limit in a March 3rd. <a href=\"https:\/\/www.theepochtimes.com\/its-all-of-our-fault-manchin-says-of-debt-calls-for-bipartisan-action_5097832.html\">speech<\/a>.<\/p>\n<p>The limit at $31.4 trillion currently stands. This would be reached on January 19, if the U.S. Treasury hadn\u2019t taken. &#8220;extraordinary measures&#8221; to delay it. The CBO predicts that these measures will expire sometime in July or September.<\/p>\n<p>A spokesperson from the White House stated that there is no future meeting between McCarthy and Biden.<\/p>\n<p>Expect the President to unveil his budget proposal for 2024 on March 9th.<\/p>\n<\/p><\/div>\n<p> &#8230;..<\/p>\n<hr>\n<p> &#8220;Continue reading More from&#8221; <a href=\"https:\/\/www.theepochtimes.com\/cut-deficit-in-half-and-debt-will-stabilize-in-10-years-cbo-chief_5102995.html?utm_source=partner&#038;utm_campaign=conservnewsd\">Cut Deficit in Half and Debt Will \u2018Stabilize&#8217; in 10 Years: CBO Chief<\/a>&#8220;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Phillip Swagel, Director of the Congressional Budget Office, (CBO), says that reducing the deficit spending to 50 percent (as a percentage the nation&#8217;s Gross Domestic Product (GDP) would prevent the increase in the national debt within ten years. GDP stands for the aggregate market value all products and services that are produced in a country. &hellip;<\/p>\n","protected":false},"author":1793,"featured_media":1895436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[20745,16309,5772,9677,5487,9647,4346],"class_list":["post-1869354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-stabilize","tag-cbo","tag-chief","tag-cut","tag-debt","tag-deficit","tag-years"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1869354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1869354"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1869354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1895436"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1869354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1869354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1869354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}