CBO issues concerning report on federal debt

by ian

The Congressional Budget Office made a dismal projection yesterday, saying the federal debt will grow to 107% of the country’s GDP by 2029.

Additionally, the CBO says that by 2053 the debt will grow to a whopping 166% of the nation’s GDP. The report says this could lead to “an increase in people’s expectations for inflation, a large drop in the dollar, and a loss of confidence in the government – all of which would make a fiscal crisis more likely.”

The CBO’s projected debt for fiscal year 2024 is $1.7 trillion, but Rep. David Schweikert (R-Az.) says the office’s numbers are not keeping pace with reality.