U.S. Government Projected to Borrow $20 Trillion Over Next Decade, CBO Reports

The Congressional Budget Office's latest forecast reveals a concerning trajectory for the national debt, with interest payments expected to skyrocket.

The CBO projects the U.S. federal deficit will exceed $2.5 trillion by 2034, driven by rising interest payments on the national debt.
Interest costs on the debt are expected to total $860 billion this year, surpassing military spending, and reach $1.6 trillion by 2034.
The total federal debt is projected to climb from over $34 trillion to $54 trillion by 2034, marking 33 consecutive years of deficits.
Debt held by the public is set to rise to 116% of GDP by 2034, surpassing the historical record set after World War II.
Calls for fiscal leadership and bipartisan efforts to address the deficit are intensifying amid concerns over the nation's fiscal health.