"U.S. Debt Forecast: Projected to Reach $54 Trillion in Next Decade"
TL;DR Summary
The Congressional Budget Office projects that the United States is on track to accumulate nearly $19 trillion in national debt over the next decade, largely due to the increasing costs associated with an aging population and higher interest expenses. However, recent legislation to reduce federal spending and a faster-than-expected growing economy have slightly improved the fiscal outlook, resulting in annual deficits over the next decade being 7 percent smaller than previously forecasted. Despite this, the nation is still expected to accumulate more debt as a share of its total economic output in 2034 than at any other time in its history.
Topics:business#congressional-budget-office#economy#federal-spending#fiscal-outlook#national-debt#us-debt
- U.S. Debt on Pace to Top $54 Trillion Over Next 10 Years The New York Times
- U.S. deficit will soar in the next decade, new CBO projections show Axios
- Federal forecasters: Budget gap to top $1.6T this year, growing another $1T over next decade POLITICO
- Biden-McCarthy deal will limit debt growth by $1.4 trillion, CBO says The Washington Post
- Federal budget deficit expected to soar to $2.6 trillion in 2034, CBO says CNN
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