The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast.
. GOP lawmakers have also stressed the importance of containing federal debt, yet annual deficits worsened during the tenure of former President Donald Trump.
The CBO views debt increases as a danger to the economy and action by lawmakers as needed to put the U.S. on a safer and financially sustainable path. They say the current path of federal debt could slow growth, increase interest payments to foreign nationals, heighten the odds of a fiscal crisis and make the economy more vulnerable to rising interest rates.The simple answer is that spending commitments are rising faster than tax revenues. This year, federal spending equals 23.5% of GDP.
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