CBO: Big deficits ahead unless health spending restrained
The latest report from the Congressional Budget Office predicts that the deficit will climb to more than 5.5% of GDP in 2035, 8% in 2050, and over 19% 75 years from now unless tax and spending change. Healthcare costs and an aging population are the primary causes. The cost of the two major federal health insurance program, Medicare and Medicaid, are projected to rise to nearly 10% of GDP by 2035 and more than 17% by 2080 without some change in policy, CBO projects. They make up about 5% of GDP now.
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