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CBO projects that if current laws remain in place, federal debt will rise to 144 percent of gross domestic product (GDP) within 30 years – far exceeding its all-time high, and nearly doubling today’s level.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
Federal debt is already at its highest level as a percentage of GDP since 1950 and would exceed its all-time high by 2034 under current law.
A series of sudden, drastic changes to our nation's fiscal policies are slated to take place automatically at the end of this year — what many are calling the "Fiscal Cliff."
Although President Obama’s budget keeps the debt from rising as a share of the economy over the next 10 years, it does not sufficiently address the key drivers of our long-term unsustainable debt.
As Congress returns from its August recess, lawmakers face a to-do list filled with important fiscal deadlines.
The long-term budget outlook has deteriorated significantly since last year, when CBO projected debt would reach 111 percent of GDP in 30 years under current law.
Over the next 10 years, the spending caps are projected to reduce deficits by approximately $900 billion, and the Supercommittee is charged with finding $1.5 trillion of additional savings.
The nonpartisan Congressional Budget Office projects that the federal debt could reach 175% of GDP by 2040.