"CBO Projections: US Deficit Set to Soar Over Next Decade"
TL;DR Summary
The Congressional Budget Office projects that the federal budget deficit will soar to over $2 trillion per year in the next decade, with deficits exceeding $2 trillion annually after 2031. As a percentage of GDP, the deficit is expected to rise from 5.6% in 2024 to 6.1% in 2034. The report highlights the significant impact of net interest costs on the deficit, emphasizing the need for Congress to take meaningful steps to control the deficit and put the national debt on a more fiscally sustainable trajectory.
Topics:business#congressional-budget-office#economy#federal-budget-deficit#fiscal-responsibility#gdp#national-debt
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