The Congressional Budget Office (CBO) is projecting that the US national debt will shatter the $50 trillion mark in the next decade.
In a new report, the agency that provides financial and economic data to the US Congress says it expects the country’s national debt to reach $54.4 trillion by the end of 2034.
According to the US Treasury Department, the national debt currently stands at $34.22 trillion. The CBO’s projection suggests an increase of $20.180 trillion in just 10 years.
The CBO’s latest forecast comes as hedge fund billionaire Paul Tudor Jones warns the US is approaching a “debt bomb” explosion.
In a CNBC interview, the legendary investor reportedly says that while the US economy appears to be working like a well-oiled machine, it