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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.
Our fiscal imbalance crowds out priorities, threatens our economic health, increases the likelihood of a fiscal crisis in the future, and will inhibit our ability to deal with such a crisis if it comes.
Although the debt-to-GDP ratio would decline under the president’s budget, the budget misses an opportunity to address the structural causes of our debt, and relies instead on overly optimistic economic assumptions and reductions in spending that are unlikely to come to pass.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences for both the federal government and the economy.
The federal budget is on an unsustainable and damaging fiscal trajectory, according to a new report from the non-partisan Congressional Budget Office.
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.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.