CBO predicts skyrocketing US debt despite recent deal
TL;DR Summary
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:business#congressional-budget-office#debt-ceiling-deal#economic-growth#economy#fiscal-deficit#us-debt
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