11 July 2023
The Congressional Budget Office (CBO) recently released a report projecting a concerning trajectory for US debt. According to the CBO, by 2053, US debt is expected to reach $143.895 trillion, almost three times the projected GDP of $79.5 trillion. This substantial debt burden is anticipated to hinder economic growth, increase interest payments to foreign debt holders, and pose significant risks to the fiscal and economic outlook. Additionally, policymakers may face limitations in their policy choices due to the mounting debt.