Danger ahead: CBO says debt will consume 166% of GDP in 30 years

The nonpartisan Congressional Budget Office released a report on Wednesday that projected the national debt will rise to unprecedented levels over the next 30 years despite recent deficit reduction efforts and an improved outlook for economic growth. The CBO's projections show the share of federal debt held by the public – a key metric used by economists to track the size of the national debt – rising from 99% of gross domestic product in 2024 to 166% of GDP in 2054.

Among the changes the CBO noted from its last long-term projection in June were that the deficit and debt are projected to grow more slowly. The deficit is projected to be 1.6 percentage points smaller in 2053 than it was a year ago, while the debt is forecast to be 17 percentage points lower at that time.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CBO projects massive debt reckoning despite some improvementsThe CBO projects, despite slight improvements, an explosive uptick in federal debt as the country faces a fiscal reckoning in the coming decades.
Source: dcexaminer - 🏆 6. / 94 Read more »