CBO report says US deficit to skyrocket in next decade

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The Congressional Budget Office (CBO) released a report projecting that federal budget deficits will rise to over $2 trillion per year in the next decade. The baseline in the CBO's annual budget and economic outlook covers the 2024 to 2034 period and projects that the deficit will rise from about $1.6 trillion in 2024 to $2.6 trillion in 2034, with deficits topping $2 trillion each year after 2031. As a percentage of gross domestic product (GDP), the deficit rises from 5.6% of GDP in 2024 to 6.1% of GDP in 2034. The CBO notes that deficits at this level have only been seen during and shortly after World War II, the 2007-2009 financial crisis, and the coronavirus pandemic. The growth of net interest costs, which are incurred through servicing the national debt, is a major contributor to the deficit. Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, calls for meaningful steps to control the deficit and put the national debt on a more fiscally sustainable trajectory.

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https://www.foxbusiness.com/politics/cbo-report-says-us-deficit-will-skyrocket-next-decade