CBO expects federal debt to double over next 30 years


The Congressional Budget Office estimates persistent budget deficits will cause the federal debt to double in size over the next thirty years the government's relied on borrowing at low interest rates to help during a financial crisis but as the economy heals the office is forecasting that interest rates will rise and so will spending and this is excluding president Biden's one point nine trillion dollar cope with relief proposal the CBO predicts publicly held debt would equal one hundred two percent of this year's gross domestic product but fast forward three decades and the accumulated debt would grow to two hundred two percent of GDP on the plus side the budget office foresees higher payroll tax revenues and forecasts that social security has another year to twenty thirty two before it's trust funds are exhausted Jackie Quinn Washington

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