CBO Report: National Debt to Reach Unprecedented Levels in Next 30 Years

📆 3/23/2024 6:45 AM
📰 FoxBusiness

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The Congressional Budget Office (CBO) projects the national debt to rise to 166% of GDP by 2054, nearly three times the average from 1994 to 2023. This would surpass the current record high set in 1946. The debt held by the public is expected to break that record in 2029, reaching 107% of GDP.

The nonpartisan Congressional Budget Office (CBO) released a report projecting the national debt to rise to unprecedented levels over the next 30 years despite recent deficit reduction efforts and an improved economic outlook. The share of federal debt held by the public is projected to rise from 99% of GDP in 2024 to 166% of GDP in 2054, nearly three times the average from 1994 to 2023. This would surpass the current record high of 106% of GDP set in 1946.

The CBO predicts the debt held by the public to break that record in 2029, reaching 107% of GDP

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