December 13, 2013
AAF Analysis of Bipartisan Budget Agreement
The American Action Forum (@AAF) today released an analysis of the Bipartisan Budget Act. The AAF’s analysis, written by Fiscal Policy Director Gordon Gray, finds the agreement has much to like for those concerned with the fiscal trajectory of the nation.
“This is a model for the types of policy changes the nation needs now to avert the debt crisis that mandatory spending poses. Mandatory spending is already crowding out the budget, and will continue to do so. Medicare is running cash deficits of $300 billion. These numbers only get worse over time. Social Security is now in cash-deficit and will continue to drive up federal borrowing until 2033, when the Trust Fund runs dry, forcing a 23 percent cut to retiree benefits,” concludes Gray.
Click here to read the analysis.