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CBO predicts skyrocketing US debt despite recent deal

1 min read
Source: CNN
CBO predicts skyrocketing US debt despite recent deal
Photo: CNN
TL;DR

The Congressional Budget Office (CBO) projects that US debt held by the public will reach a record high of 107% of GDP by 2029, despite the recent bipartisan debt ceiling deal. The CBO warns that such high and rising debt could slow economic growth, increase interest payments to foreign debt holders, and limit policy choices for lawmakers. By 2053, the CBO projects that debt held by the public could reach 181% of GDP, posing significant risks to the fiscal and economic outlook. Rising interest costs and spending on Social Security and healthcare programs are driving the gap between spending and revenue.

Topics:businesseconomy#congressional-budget-office#debt-ceiling-deal#economic-growth#economy#fiscal-deficit#us-debt
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  1. CBO: US debt will spike to record high by 2029, despite debt ceiling deal  CNN
  2. Feds: National debt will be nearly twice as large as U.S. economy in 30 years  Herald Palladium
  3. Federal debt to soar, CBO predicts, despite GOP-led spending standoff  The Washington Post
  4. CBO says long-term debt lower than forecast last year  Roll Call
  5. Fiscal Outlook ‘Challenging’ in Decades to Come, with Debt Set to Skyrocket, Says CBO  National Review

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