Facing Our Fiscal Challenges

GAO has long been concerned about the federal government’s fiscal outlook given the growing debt. The long-term fiscal path is unsustainable because debt is growing faster than the economy. The COVID-19 pandemic has necessitated a major federal response to address our national public health emergency and resulting economic turmoil.  While it is essential to confront COVID-19 and heal our economy, these efforts further complicate our government’s fiscal condition. As the economy becomes stronger and public health goals have been achieved, a plan to address these fiscal challenges will be needed. In October, the U.S. Comptroller General testified that the federal government does not have a long-term fiscal plan to control the growing debt.

With this as a backdrop, the government will also be confronting challenges to funding many programs that millions of Americans rely on for their retirement security.

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