National debt nears $31 trillion as Congress considers new spending bill – By Nicholas Ballasy (Just The News) / Sept 17, 2022
The Congressional Budget Office has estimated that the debt will reach 110% of GDP in 2032 — higher than it has ever been — and 185% of GDP in 2052.
The national debt is nearing $31 trillion with the Democrat-led Congress newly back in session to debate a spending bill to keep the federal government funded past Sept. 30.
The Congressional Budget Office has estimated that the debt will reach 110% of GDP in 2032 — higher than it has ever been — and 185% of GDP in 2052.
“Moreover, if lawmakers amended current laws to maintain certain policies now in place, even larger increases in debt would ensue,” read the Budget and Economic Outlook: 2022 to 2032.
“Debt is projected to rise in relation to GDP mainly because of increasing interest costs and growth in spending for Medicare and Social Security,” the CBO explained.
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