A new Congressional Budget Office (CBO) report shows that the U.S. national debt is projected to increase by $23.9 trillion over the next decade even if Congress does not extend President-elect Donald Trump’s tax cuts.
The nonpartisan budget watchdog released its new 10-year baseline budget and economic outlook on Jan. 17. By 2035, public debt is expected to reach $52 trillion, accounting for 118 percent of the GDP.
According to the CBO, this year’s budget deficit will be about $1.9 trillion, little changed from fiscal year 2024.
The federal government is forecast to run annual deficits of $2 trillion in 2030, climbing to as high as $2.637 trillion in 2033. Cumulative deficits were $1 trillion smaller from the previous June 2024 report, mainly because of predicted growth in individual income tax collections….