U.S. debt is projected to rise to 98% of GDP this decade — the highest since the end of World War II.
The U.S. federal government debt is set to skyrocket over the next ten years, according to a Congressional Budget Office forecast published Tuesday.
The gap between spending and revenue will continue to widen under present policies to hit 180% of GDP by 2050, well above any prior record, the CBO said. The CBO projected a federal budget deficit of $1 trillion this fiscal year. The deficit is expected to average $1.3 trillion per year over the next decade.
But over the long-term, “changes must be made to address the budget situation because our debt is growing on an unsustainable path,” said CBO director Phillip Swagel in a statement.“We anticipate that consumer spending, spurred by rising wages and household wealth, will remain strong; we also expect business investment to rebound as several of the factors that weighed on it last year abate,” Swagel said.
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