Download or read book Nation's Long-Term Fiscal Outlook written by Barry Leonard and published by DIANE Publishing. This book was released on 2007 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1992, GAO has published long-term fiscal simulations of what might happen to fed. deficits & debt levels under varying policy assumptions. Current long-term simulations show ever-larger deficits resulting in a fed. debt burden that ultimately spirals out of control. There are two alternative fiscal paths. The first is ¿Baseline extended,¿ which extends the CBO¿s baseline estimates beyond the 10-year projection period, & the second is an alternative based on recent trends & policy preferences. For this update, GAO modified the alternative simulation to reflect a return to historical levels of revenue & a more realistic Medicare scenario for physician payments. Both simulations show that we are on an unsustainable fiscal path. Charts & tables.