CBO: Debt to double U.S. economy in next 30 years

by Renata

A new federal report projects that the national debt will be nearly twice as large as the U.S. economy in 30 years.

According to a report from the U.S. Congressional Budget Office,”by the end of 2023, federal debt held by the public equals 98% of the GDP.”

The report’s authors predict that debt will then rise in relation to the GDP, meaning it could climb to over 180% by 2053, assuming no new major spending projects are created or approved by Congress in the meantime. Given the high unlikelihood that federal politicians make it three decades with no major spending increases, this projection could prove low.

According to the report, the projected levels have only been exceeded during World War 2 and the COVID-19 pandemic.