A new report out from the nonpartisan Congressional Budget Office (CBO) reveals how big a problem the national debt poses for the U.S.
On Thursday, the Congressional Budget Office (CBO) released its 2017 Long-Term Budget Outlook, a study that examines the progression of America’s debt, its annual deficits, and spending and revenue projections into the future.
The takeaway? “[F]ederal debt held by the public is now at its highest level [77 percent of gross domestic product (GDP)] since shortly after World War II.”
CBO notes that:
- Debt will rise to 89 percent of GDP in the next 10 years, 106 percent of GDP by 2035, and 150 percent of GDP by 2047
- Increases in federal spending are driven by growing interest payments on the debt, rising payments for Social Security, Medicare, and Medicaid benefits, and Obamacare subsidies
The consequences of not addressing the debt?
- It increases the government’s interest costs, “putting more pressure on the rest of the budget”
- It limits America’s ability to respond to crises, both domestic and international
- It makes investors less likely to invest in America
President Trump’s skinny budget, released this month, would neither add nor reduce annual deficits by a considerable amount.
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