National Debt Headed to Record Levels, CBO Says – By Michael Rainey (The Fiscal Times) / June 28, 2023
Happy Wednesday! President Biden blasted decades of trickle-down economic policy in a speech in Chicago today, while the Congressional Budget Office warned that the national debt is likely headed higher – much higher.
Here’s what we’re looking at as we wait for our 4th of July party invitations to arrive.
National Debt Projected to Soar Over Next 30 Years
Despite the dramatic showdown over the debt ceiling and the resulting budget agreement that restrains federal spending through 2025, the national debt is projected to rise to record levels over the next 30 years, the Congressional Budget Office said Wednesday.
In its updated long-term budget outlook, CBO said that while the nation’s fiscal trajectory was modestly improved by the recently enacted Fiscal Responsibility Act, debt held by the public will rise sharply nevertheless, climbing to 181% of gross domestic product by 2053 – about three times the average level of debt-to-GDP recorded over the last three decades.
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