Posted 2/8/2024, 1:27:00 PM
CBO: National Debt to Balloon to $34 Trillion, 116% of GDP by 2034 Despite Near-Term Deficit Drop
- CBO projects record $34 trillion national debt growing faster than the economy, reaching 116% of GDP by 2034
- Deficit to drop $188B this fiscal year but rise over next 9 years due to one-time events
- Deficits 7% lower than forecast last year due to debt ceiling deal and stronger economy
- Aging population and rising healthcare costs continue driving debt higher
- Disagreements between parties on debt fixes, though both admit path is unsustainable
