The nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years.
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 said Wednesday that it expects the federal government to be awash in debt over the next 30 years, but the outlook has improved over the past year due to increased immigration and agreements to reduce spending.
, which said publicly held debt would be equal to a record 181% of American economic activity by 2053.The 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."
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., including stagnating living standards and difficulties paying down debts.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
In Ohio's GOP congressional primaries, Taylor wins 2nd Congressional District, Rulli wins 6thWhile Bernie Moreno earned the win in the Ohio Republican Senate race, voters decided on several local issues.
Read more »
Congressional Republicans call Biden’s 2025 budget ‘a roadmap to accelerate America’s decline’President Joe Biden’s 2025 budget proposal is falling flat with Republicans, as they declare the request dead on arrival in Congress.
Read more »
Budget Office report credits immigration and spending deals with improved outlook despite huge debtThe 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.
Read more »
Budget Office report credits immigration and spending deals with improved outlook despite huge debtThe nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years.
Read more »
These Small-Budget Movies Cleaned Up at the Box OfficeJeffrey Speicher is a Senior Features Writer and List Writer for Collider. He is a screenwriter as well as a film and television buff. He lives in Dallas, Texas, but can&039;t stand the Cowboys. His crime novel, "The Snitch" is available on Amazon.
Read more »
D.C. Council chairman blames budget delay on mayor’s officeThe delay threatens to further complicate a budget season that has already sparked discussions about potential cuts and tax increases to fill the city’s financial gaps.
Read more »