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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.

Rising interest payments are expected to be a major contributor to the increase in deficits over the next decade.
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The federal budget deficit will be $1.6 trillion in fiscal 2024, the Congressional Budget Office estimated Wednesday, a number that will balloon even more over the next decade as the country faces a fiscal reckoning.
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Overview

  • 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.