The country’s federal debt by the end of the year will reach the highest level since shortly after World War II, according to a new federal report.
The nation’s federal debt by the end of the year will reach the highest level since shortly after World War II and is on pace to reach historic and unsustainable levels within 30 years, according to a government report released Tuesday.
Phillip L. Swagel, director of the nonpartisan agency responsible for putting together budget estimates for Congress, warned that the rising debt poses “substantial risks for the nation and presents policymakers with significant challenges.” Federal deficits are expected to rise as spending outpaces taxes collected by the government. The deficit as a share of GDP is slated to rise from 4.2% this year to 4.5% in the next decade, substantially more than the 2.9% rate over the last 50 years.
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