National Debt Could Be Over Twice the Size of the Economy in Just 30 Years
GAO projects that public debt could rise from around 100 percent of gross GDP at the end of fiscal year 2021 to 217 percent in 2050.
Read More8 Startling Facts About the U.S. Fiscal Outlook
At the end of May, the nonpartisan Congressional Budget Office (CBO) released new projections of the nation’s fiscal and economic outlook, their first report since July 2021.
Read MoreInterest Costs on the National Debt Set to Reach Historic Highs in the Next Decade
Driven by rising interest rates and the accumulation of federal debt, interest will nearly triple in the next 10 years and reach a historic high relative to the size of the economy by 2032.
Read MoreInterest Costs Rise Sharply in Latest CBO Report
While this year’s deficit looks much better primarily due to the expiration of pandemic relief programs, CBO projects that the deficit will soon begin to climb again.
Read MorePresident Highlights Importance of Deficit Reduction
President Biden highlighted deficit reduction as a key way to relieve inflationary pressure and put our nation on a more sustainable economic path.
Read MoreNational Debt Passes $30 Trillion, and Fiscal Confidence Sinks to Seven-Year Low
Our high and rising debt is “a big burden placed on current citizens, based on our past budgetary irresponsibility,” said Michael Peterson.
Read More14 Charts That Illustrate Our Fiscal Situation as We Close Out 2021
These charts tell the fiscal story of 2021 and explore how our fiscal situation deteriorated over the past year and what challenges lie ahead.
Read MoreDeficits Will Remain over $1 Trillion for the Next Decade
Over the next 10 years, the cumulative deficit would total $13.9 trillion if the President’s policies were carried out.
Read MoreInterest Costs on the National Debt Projected to Nearly Triple over the Next Decade
The rising national debt carries substantial costs today and poses an even greater toll on America’s future.
Read MoreThe National Debt Will Hit Its All-Time High by the End of the Decade, and Other Takeaways from the Latest CBO Report
While deficits will decline over the next few years as the pandemic wanes and the economy recovers, the nation will remain on an unsustainable fiscal trajectory due to a structural mismatch between spending and revenues.
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