The USCBO projected Wednesday that public debt will balloon to 107% of the country’s gross domestic product by 2029 and a whopping 181% by 2053.
The CBO, Congress's nonpartisan group of budget experts, released its long-term projections on Wednesday. The new report highlights the magnitude of the fiscal challenges facing Congress and President Joe Biden.“The United States faces a challenging fiscal outlook. If current laws generally remained unchanged, budget deficits and federal debt would grow in relation to gross domestic product over the next three decades,” the CBO said.
Debt held by the public is projected to be 2% higher this year than the CBO previously forecast, although 9 percentage points lower in 2052 than before. The report also noted spending as a percentage of GDP is expected to fall this year as the pandemic wanes, although after 2026 will pick up and rise to more than 29% of GDP by 2053. By comparison, from 1993 to 2022, spending averaged about 21% of GDP.
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