A new Congressional Budget Office (CBO) report shows that the U.S. national debt is projected to increase by $23.9 trillion over the next decade even if Congress does not extend President-elect Donald Trump’s tax cuts.
The nonpartisan budget watchdog released its new 10-year baseline budget and economic outlook on Jan. 17. By 2035, public debt is expected to reach $52 trillion, accounting for 118 percent of the GDP.
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According to the CBO, this year’s budget deficit will be about $1.9 trillion, little changed from fiscal year 2024.
The federal government is forecast to run annual deficits of $2 trillion in 2030, climbing to as high as $2.637 trillion in 2033. Cumulative deficits were $1 trillion smaller from the previous June 2024 report, mainly because of predicted growth in individual income tax collections.
Additionally, the shortfall will represent 6.1 percent of the GDP in 2035, which the CBO says is “significantly more than the 3.8 percent that deficits have averaged over the past 50 years.” […]
— Read More: www.theepochtimes.com
