The Congressional Budget Office is projecting that federal debt held by the public will climb relentlessly, breaking the country’s all-time record in just a few years.
The CBO released a long-term budget outlook on Thursday afternoon. It shows that despite slight improvements since last year, the federal debt is set to soar and force a fiscal reckoning in the coming years.
Federal debt held by the public will rise to 107% of GDP in 2029, the congressional scorekeeper projected. That surpasses the previous record, notched right after the end of World War II.
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The much-anticipated CBO report said that by 2055 — 30 years from now — federal debt held by the public will have risen to an astonishing 156% of GDP.
“That large and growing
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