Part of US Fiscal Policy and Debt
The Congressional Budget Office (CBO) has projected a significant widening of the U.S. budget deficit and a ballooning national debt, expected to reach over $56 trillion by 2036. This outlook is primarily driven by increasing interest costs on the national debt and persistent annual deficits. While recent U.S. GDP growth was modest and job estimates were lowered, global economic conditions, including slower growth in China and Japan, add further context to the fiscal challenges.
The release of the Congressional Budget Office's 10-year outlook on federal deficits and debt.