US Public Debt Expected to Skyrocket, Reaching 181% of GDP in 30 Years
The Congressional Budget Office projects that the US public debt will reach a record 181% of American economic activity by 2053, compared to a projected 98% at the end of this budget year. The higher debt load is a result of deficit spending and increasing dependence on debt to fund various programs. While annual deficits after 2042 are lower than previously forecasted, lawmakers will face constraints as spending increases, driven by healthcare and Social Security costs. Revenues are expected to increase after 2026, but the preservation of tax cuts and disagreements between the White House and GOP could lead to lower revenues than anticipated.