"Projected Record Debt Levels and the Impact on the Economy"
The nonpartisan Congressional Budget Office projects that the national debt held by the public will reach $27.9 trillion in 2024 and is set to rise to $48.3 trillion in 2034, surpassing a historical record in four years and reaching 116% of GDP in 2034. The growth in the national debt over the next decade will be driven by increasing mandatory spending on entitlement programs like Social Security and Medicare, as well as the cost of servicing the national debt through interest payments. Policymakers have contributed to this fiscal position through years of pursuing their preferred spending and tax policies without addressing major drivers of the deficit.