US Debt Skyrockets as CBO Warns of Impending Economic Crisis
TL;DR Summary
The US debt has increased by $246 billion in just 13 days, reaching a total of $32.246 trillion, according to the Treasury Department. The Congressional Budget Office warns that US deficits are expected to continue rising, with federal debt reaching 98% of GDP by the end of 2023 and surpassing its historical high of 107% by 2029. The high and increasing debt levels pose risks to economic growth, interest payments, and the fiscal outlook, potentially limiting policy choices for lawmakers. The US deficit is projected to reach 10% of GDP by 2053, a level only seen during World War II and the recent surge in government spending in 2020.
- $246,000,000,000 Added to US Debt in 13 Days As CBO Warns Fiscal Hole Could Hammer America's Growth The Daily Hodl
- CBO: US debt will spike to record high by 2029, despite debt ceiling deal CNN
- Federal debt to soar, CBO predicts, despite GOP-led spending standoff The Washington Post
- US public debt is projected to reach 181% of American economic activity in 30 years The Associated Press
- CBO says long-term debt lower than forecast last year Roll Call
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