The Congressional Budget Office says this year’s federal deficit will hit $1.9 trillion, as defense and social safety net costs rise.
swell to $1.9 trillion dollars this fiscal year and keep growing until the overall national debt hits $50.7 trillion a decade from now, according to a new report from Congress’s nonpartisan bookkeeper.lawmakers grapple with mounting defense demands and spending on social safety net programs, the Congressional Budget Office projected Tuesday that the federal debt held by the public will equal 122 percent of the United States’ annual economic output by 2034, far surpassing the all-time high.
That debt burden could present risks in bond markets as creditors look increasingly skeptically at the government’s ability to make good on its ballooning borrowing, experts say. A high debt balance would probably also keep federal interest rates high, forcing Congress to divert a significant amount of tax revenue to debt service. Already in the 2024 fiscal year, which ends Sept. 30, interest payments are set to eclipse the size of the United States’ massive defense spending.
CBO factored that 1 percent cut into its February projections, because the full-year spending laws weren’t yet adopted.
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