The Congressional Budget Office published this week its annual Long-Term Budget Outlook presenting its projections of what federal deficits, debt, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change. Federal deficits are projected to increase from 5% of gross GDP in 2030 to 13% by 2050. The projected budget deficits would boost federal debt to 104% of GDP in 2021, to 107% of GDP - the highest in US history - in 2023, and to a whopping 195% of GDP by 2050.
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