CBO: U.S. Debt Trajectory Raises Alarms, Could Exceed WWII Record Highs Without Major Budget Reforms

• CBO projects debt held by public to reach 166% of GDP in 30 years, far surpassing previous record high of 106% after WWII • Annual deficits projected to continue rising due to higher interest costs and spending on Medicare, Social Security • Spending forecast to increase from 23.1% of GDP now to 27.3% in 30 years while revenues only go up slightly • Faster economic growth and recent deficit reduction lead to slightly less dire projections vs last year • Budget experts warn lawmakers must take action to stabilize debt before situation becomes unmanageable