A federal agency that provides financial and economic data to the US Congress is projecting that the country’s national debt will skyrocket over the next 30 years.
In its June 2023 Long-Term Budget Outlook report, the Congressional Budget Office (CBO) says the national debt is poised to surpass the country’s gross domestic product (GDP) in the coming years.
The CBO also says that federal debt would continue to significantly outrun GDP growth, and it will be worth nearly three times the country’s GDP by 2053.
“By the end of 2023, federal debt held by the public equals 98% of GDP. Debt then rises in relation to GDP: it surpasses its historical high in 2029, when it reaches 107% of GDP and climbs to 181% of GDP by 2053.”
The CBO predicts that the GDP of the United States will ascend to $79.5 trillion by 2053, suggesting that the national debt will skyrocket to $143.895 trillion, a more than four-fold increase from its current value of $32.33 trillion.
According to the federal agency, the immense national debt would put tremendous pressure on the US economy.
“Such high and rising debt would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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