CBO: Surging Debt Levels Pose Economic Risks, Fueled by Aging Population and Policy Choices

• U.S. debt as a share of GDP expected to hit record 107% by 2029 and 166% by 2054 • Rising debt poses "significant risks" to economic outlook via higher interest costs and slower growth • Aging population to strain finances further as more Americans become eligible for Social Security and Medicare • CBO projects upgraded economic growth outlook due to increased immigration and labor force • Tax cuts scheduled to expire in 2025 likely to be extended, could worsen federal deficit