A federal agency that provides financial and economic data to the US Congress is projecting that the country’s national debt will skyrocket over the next 30 years.
In its June 2023 Long-Term Budget Outlook report, the Congressional Budget Office (CBO) says the national debt is poised to surpass the country’s gross domestic product (GDP) in the coming years.
The CBO also says that federal debt would continue to significantly outrun GDP growth, and it will be worth nearly three times the country’s GDP by 2053.
“By the end of 2023, federal debt held by the public equals 98% of GDP. Debt then rises in relation to GDP: it surpasses its historical high in 2029, when it reaches 107% of GDP and climbs to 181% of GDP by 2053.”
The CBO predicts that the GDP of the United States will ascend to $79.5 trillion by 2053, suggesting that the national debt will skyrocket to $143.895 trillion, a more than four-fold increase from its current value of $32.33 trillion.
According to the federal agency, the immense national debt would put tremendous pressure on the US economy.
“Such high and rising debt would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post US National Debt To Shatter $143,000,000,000,000, Quadrupling in Three Decades: Congressional Budget Office appeared first on The Daily Hodl.
