The nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years. But the office's outlook has improved over the past year due to increased immigration and agreements to reduce spending. The latest long-term budget and economic outlook from the office was released Wednesday.
FILE - The likeness of George Washington is seen on a U.S. one dollar bill, March 13, 2023, in Marple Township, Pa. The nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years.
The CBO’s latest long-term budget and economic outlook report — for a timeframe that spans 2024 to 2054 — projects publicly held debt to reach 166% of gross domestic product, or GDP, in 2054. That’s down from the agency’sThe CBO attributes the expected increase in economic growth to “stronger growth of the potential labor force over the next 10 years, largely driven by increased net immigration, and faster capital accumulation over the next 30 years.
In the nearer term, by 2029, public debt is expected to reach 107% of GDP, surpassing the historical peak it reached after World War II, according to the report released Wednesday. The CBO report outlines the necessity for an immigrant workforce to help the nation’s economy grow — otherwise the nation’s population is expected to shrink into 2040 without immigration.Another factor contributing to smaller projected deficits is a 2023 agreement between Republicans and Democratic President Joe Biden’s White House to suspend the statutory debt limit until 2025 in exchange for restrictions on spending for the next two years.
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