The CBO released its annual budget and economic outlook which projects that the U.S. national debt will grow by about $20 trillion over the next 10 years.
Senate Budget Committee member Sen. Ron Johnson, R- Wis., joins 'The Evening Edit' to discuss the military shooting down an object flying over Alaska and President Biden's family business dealings.on Wednesday released its annual budget and economic outlook forecasting federal finances over the next 10 years, which projects that the national debt will be about $20 trillion higher a decade from now.for the 2023-2033 period finds that the amount of debt held by the public will be $25.
As a percentage of forecasted U.S. gross domestic product , debt held by the public would rise from 98% of GDP in 2023 to 118.2% of GDP in 2033. CBO Director Phillip Swagel noted that trajectory will continue in the ensuing decades based on current budgetary policies, pushing federal to 195% of GDP in 2053.
The CBO's projects that the amount of debt held by the public will be $25.7 trillion in 2023 and rise to $46.4 trillion in 2033, an increase of $20.7 trillion over the course of the next 10 years. Debt held by the public consists of all the debt the federal government owes to entities outside the federal government – including individuals, businesses, state and local governments, foreign governments, and the Federal Reserve – and excludes intergovernmental debt.
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