Lawmakers will need to pare spending on Social Security and healthcare in order to avoid tax hikes or big cuts in other federal programs, according to the analysis.
"The driver of this debt is spending," New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee, told USA Today. "Our existing debt will be worsened by the president's new health care entitlement programs . . . as well as an explosion in existing health care and retirement entitlement spending as the baby boomers retire."
Spending on Social Security and Medicare and other healthcare programs will rise from 10 percent of the economy now toabout 16 percent in 25 years. By comparison, spending on all government programs, excluding interest payments, has averaged only about 18.5 percent of gross domestic product over the past 40 years, it said.
Federal spending and the $13 trillion debt are major issues in the run-up to the November congressional elections in which Republicans hope to take control of Congress away from Democrats.
The CBO urged quick action on tackling the long-term budget outlook.
"The sooner that long-term changes to spending and revenues are agreed on, and the sooner they are carried out once the economic weakness ends, the smaller will be the damage to the economy from growing federal debt," the CBO concluded.
The first wave of about 78 million U.S. baby boomers has become eligible to receive early Social Security
When Bush was in office I had a lot of my "Democrat" friends crying about Bush's spending deficit when it was at $400 billion just before TARP. I agreed with them that the spending was out of control. They blamed Bush for the last 2 years of his admin when all the big deficits happened and I blamed the Democrats in Congress as well as Bush for not vetoing it. But now those same people say nothing about that same Congress of Democrats or the Democratic President Obama's deficit spending. Now when the Democrats talk about spending hundreds of billions of dollars they don't blink an eye. Could it be that all those Democrats that bitched about the debt in the Bush years just needed to bitch to railroad Bush? And now that the debt is higher then ever and spending under total Democrat control is out of control they don't care any more? Could the Democratic Party be that bold to change their views on a dime? Who bitches about spending under one party and then when they get total power they change? Thanks to Obama and the Democratic Party in control of Congress for spending more money and growing our debt more then all our presidents combined. That should make everyone wake up and take note. But instead the left are trying to put us asleep with their justifications of why they have to spend like our childrens future.