The Government Accountability Office’s (GAO) report provides an update on the nation’s fiscal health as of the end of fiscal year 2017, and describes its likely fiscal future if policies don’t change. Among its findings:
- The federal government’s current fiscal path is unsustainable.
- Publicly held debt was 76 percent of GDP at the end of fiscal year 2017 and it will surpass its historical high of 106 percent within 14 to 22 years.
- Other agencies join GAO in saying that the longer action is delayed, the greater and more drastic the changes will have to be.