By 7 percentage points.
If it would be just underestimating "by 7%", then they would be incredibly good at it.
The United States Congressional Budget Office has published an annual projection of future US national debt every year since 1984. They also sometimes review how accurate past projections were. Unsurprisingly, they typically underestimate the debt by 7%.
https://www.cbo.gov/publication/55234

By 7 percentage points.
If it would be just underestimating "by 7%", then they would be incredibly good at it.