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Higher short- and long-term Treasury rates mean that the federal government’s borrowing costs will also rise, thereby generating significant consequences for the budget and the national debt.
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.
https://www.pgpf.org/analysis/2018/07/cbo-warns-historic-debt-levels-threaten-economy
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019–2028.
https://www.pgpf.org/analysis/2018/04/cbo-report-outlines-dramatically-worse-fiscal-outlook
The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.
