CBO: National debt to soar higher than WWII levels
The United States deficit — relative to the economy’s size — is set to soar past World War II levels by the 2030s, if current laws remain in place.
This is according to an annual report from the nonpartisan U.S. Congressional Budget Office (CBO) that was released this week. Each year the CBO releases “projections of what federal spending, revenues, deficits, and debt would be for the next 30 years if current laws generally did not change,” according to the report.
In its report, the CBO predicts that by the end of the next decade the national debt will be nearly 100% of the gross domestic product, and will reach 152% of the GDP in 30 years…