The U.S government is on a “future unsustainable fiscal path” according to the Government Accountability Office (GAO). In its annual report to Congress on the nation’s fiscal health, the GAO noted that the federal deficit in fiscal year 2019 hit $984 billion despite a $134 billion increase in receipts. “Over the past 50 years, net interest costs have averaged 2% of the gross domestic product but these costs are projected to increase to 7.2% by 2049, when they become the largest category of spending,” the GAO said. The report covers FY 2019 so it doesn’t take into account the financial implications of the coronavirus (COVID-19). Read the report: https://bit.ly/3b4IYd9 Call or visit our website for more information! www.mjscpa.com/
