The Government Accountability Office projects the nation’s debt will hit its highest point in history in 2028, after which the debt will grow faster than the gross domestic product. GAO reports after the pandemic the government should prioritize getting the country on a sustainable long-term path.
- Susan Irving, Senior Advisor to the Comptroller General on Debt and Fiscal Issues at GAO, said with the debt growing faster than the economy that supports it, the path is not sustainable, and we would not want to experience the next crisis or natural disaster with this size of a gap between spending and revenues.
- Irving said agencies must think hard about programs and tradeoffs within them and the American people must determine what they are willing to pay for from government.
- While there has been progress in some areas in addressing improper payments, which is one issue involved in the debt problem, the improvement is not happening fast enough, said Irving.